Solid Q1 with 33% ARR growth and 15% adj. EBITDA margin
While Q1 only revealed key figures for the quarter, as expected, the numbers were rock-solid. ARR grew 33% y-o-y and revenues 35%, both only marginally higher than we had expected (+1% and +2%, respectively). The key driver was higher-than-expected volumes, e.g. illustrated by GMV growth roughly replicating ARR growth, meaning that prices had a more limited impact. The higher top-line also drove the 19% adj. EBITDA beat, landing at DKK 10.8m, for a margin of 15% (up 10pp y-o-y). Q1 cash EBITDA of DKK 4.5m corresponded to a margin of 6%, thereby continuing the sequential improvement q-o-q.
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