Solid Q3 favours a fifth guidance upgrade later this year
Although our Q3 expectations on GMV (growing 14% y-o-y) and ARR (+19% y-o-y) were 13% and 4% too high, respectively, headline P&L items were in line. Revenues grew 20% y-o-y, the adj. EBITDA margin expanded by 7pp to 19%, and cash EBITDA improved by DKK 6m y-o-y to DKK 7.6m. We make small '24e revisions (with the softer Q3 figure compensated for by M&A) and expect a fifth guidance upgrade later this year. To illustrate, the high end of guidance implies Q4 revenues of DKK 79m (vs. DKK 78m in Q3), despite noting that the q-o-q delta has been materially larger historically (although M&A blurs the picture somewhat). This should ripple through to an upgrade of the adj. EBITDA and cash EBITDA guidance as well.
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