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Siili Q1: Solid report as Core operations prove turnaround - SEB

Siili's Q1 came in well above our expectations with organic growth accelerating to 14%. Importantly, the strong performance was thanks to Core Operations, which has been lagging some market peers. Supercharge continued its strong growth (16-17% we estimate) and the acquisitions seems to have been successful. Guidance is repeated but the range is relatively high and we think estimates will move towards the upper end of the range.

Siili's Q1 came in well above our expectations with organic growth accelerating to 14%. Importantly, the strong performance was thanks to Core Operations, which has been lagging some market peers. Supercharge continued its strong growth (16-17% we estimate) and the acquisitions seems to have been successful. Guidance is repeated but the range is relatively high and we think estimates will move towards the upper end of the range.
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