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Tempest security reported a solid Q1 with results much in line with our estimates. Sales were SEK 107.8m (SEB: 108.8m) and EBITDA was SEK 3.3m (SEB: 3.4m), but adjusting for one-off integration costs adj. EBITDA was SEK 4.2m. The Security Solutions segment was better than expected, with sales of SEK 81m, 4% above our estimate, driven by new business units in the north of Sweden and a couple of new contract wins in the Stockholm region. We reiterate our mid-point of SEK 38.
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