Leaddek’s Q3 sales and ARR lagged our estimates in seasonally quiet quarter. However, the company delivered on profitability with EBITDA coming in above. The company’s narrative is in line with our preview expectations, i.e. the growth in Euroland proceeded well while the SME market in the Finnish market was challenging. Strong margin means rapid execution in Telemagic synergy harvesting. At first glance, sales estimates under pressure while EBITDA changes to be muted.
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