Tempest Security reported Q1 net sales of SEK 95.7m (our estimate SEK 91.9m) and reported EBITDA of SEK 2.2m (our estimate SEK 1.7m) for an EBITDA margin of 2.3% (our estimate 1.9%). Adjusted for acquisition costs, adj. EBITDA was SEK 3.8m (adj. EBITDA margin of 4%). Overall, the Q1 results implies limited changes to our 2022-24 earnings forecasts and investment case.
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