Likely not the last guidance upgrade in '24

Solid Q1 with 33% ARR growth and 15% adj. EBITDA margin. Raising '24e-'26e ARR by ~1%, EBITDA by 19-10%. More guidance upgrades in sight; FVR of DKK 5-14 (5-13).

Upgrading guidance again after a strong Q1

Q1e to show continued strong momentum

Q1e: We forecast ARR of DKK 297m, 13% adj. EBITDA margin. Lifting '24e-'26e ARR by 3-1% and adj. EBITDA by 9-5%. Guidance upgrade looks increasingly likely; FVR of DKK 5-13.

Profitability path on track

FY'24 guidance reiterated as expected; better FCF the main surprise. Progress on path to profitability prompts raised estimates. New FVR of DKK 5-12 (5-11).

A non-event

Focus is on cash flow and guidance

ARR and P&L headline figures known, cash flow and cost items not. Timing of anticipated guidance upgrade difficult to predict. Unchanged estimates and FVR of DKK 5-11.

Spinning orders into profitable growth

Market-leading white-label software provider for takeaway restaurants. 13% ARR CAGR and 11pp EBITDA margin expansion from '23-'27e. Fair value range of DKK 5-11/share.