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Tempest reported a solid Q3 report with sales 2% above us and adjusted EBITDA 65% above expectations, and a strong margin of 10%. The stronger-than-expected earnings were driven by the Risk Solutions segment which had a very strong margin of 21%, thanks to good performance in Denmark and the UK. Outlook was positive: the company states that the geopolitical tensions in the world has increased demand for security services. We reiterate our mid-point of SEK 24.
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