The strong momentum continues

Raised guidance still makes little sense

Solid Q2 EBITDA beat driven by both better growth and lower costs. We lift '24e-'26e EBITDA 4-5% and expect a fourth guidance upgrade. FVR raised to DKK 6-14 (5-14).

Another solid report and guidance upgrade

Q2 likely to stand in the shadow of Q1

We forecast 21% y-o-y ARR growth and 15% adj. EBITDA margin, meaning growth will continue to contract but margins climb up. Minor estimate revisions: FVR unchanged at DKK 5-14