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Redeye comments on Hoylu’s Q4 2023 report, with figures missing our expectations across the board. Most notably, ARR grew 11% y/y, while declining 26% annualized q/q. The deviation was mainly driven by weaker than expected development of Hoylu’s Agile segment and increased costs, while the Construction segment continues to develop strongly. Following the report, we expect to make downward adjustments to our financial forecast.
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