Q4 results
ARR SEK 68.5m (+3% vs. ABGSCe 66.7m), net sales SEK 17.6m (+5% vs. ABGSCe 16.8m), EBITDA SEK 1.6m (vs. ABGSCe 1.2m), EBIT SEK -1.6m (vs. ABGSCe -2.0m), net profit SEK -1.6m (vs. ABGSCe -2.0m). The report is better than we expected, and indicates to us that the company's model is more resilient to consumer demand declines than we had previously thought. ARR continues to grow sequentially, and adjusted for migrations of SEK 1.8m, the ARR exceeds 70m and implies 13% y-o-y growth.