Focus on FCF and guidance
While ARR and P&L headline items were pre-announced, specific cost items, cash flow and the drivers of ARR were not. Starting with the latter, churn of ~7% y-o-y was better than ABGSCe at 10%, uplift of 14% was 4pp weaker, and ARR new sales of 32% was broadly in line. H2 FCF came in at DKK +7.7m, beating our DKK 0m estimate on a stronger NWC effect and slightly lower capex. The FY'24 guidance was reiterated.
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