BofA note: : Excellent setup w/catalysts from mobile gaming & adApplovin CorporationBATS:APPKhanhC.HoangConfirmation of self-serve launch would put story on track: APP remains top pick under coverage. We see big upside to CY26 EBITDA expectations, with this print potentially prompting upward revisions; the vast majority of investors we spoke with appear to exclude both a continued managed service onboarding ramp, and a major self-serve ramp in CY26. This quarter, management has the opportunity to (1) confirm the launch timing of APP’s eCommerce self-serve platform for small advertisers, and (2) indicate the resumption of onboarding of larger merchants to its managed service. About one third of investors we spoke with expect the self-serve platform to launch this Fall, and ~40% expect a launch during the holiday shopping season. Despite this, expectations of Q3/Q2 growth appear too conservative; APP’s managed service would resume onboarding well before self-serve launches. Mobile game ads could drive big Q2 expectations beat: Based on client conversations, 2Q25 Advertising Revenue expectations are above guidance of $1.20Bn (+4%-5% Q/Q as usual), but in line with BofA’s $1.26Bn (+9% Q/Q). Few investors we spoke with assumed a performance break-through (eg “model enhancement”) in Q2, but virtually all are above guidance. Mobile game engagement and ad load continued to trend upwards in Q2, giving our model some fundamental support. We assume flattish Q/Q eCommerce revenue, although a first cohort managed service advertisers is known to have tested APP’s new AI dashboard. We removed APP’s 1P games segment from our consolidated model as APP will report it in discontinued operations from Q2 onwards; we estimate an incremental $30mn of Advertising net revenue contribution from divested 1P studios in Q3 onwards. Q3 & CY25 expectations likely too conservative: Few investors we spoke with appear to assume a Q3 (1) a model enhancement or (2) an eCommerce managed service ramp, putting BofA’s $1.42bn well above the vast majority of clients. The likelihood of a model enhancement rises with each passing quarter, making upward revisions likely post print. We change CY25 Revenue/EBITDA forecast to $5.8bn/$4.5bn from $6.2bn/$4.6bn to reflect the divestiture of APP’s 1P games segment in Q2.