Tempest Security reported Q3 net sales of SEK 86.7m (vs SEB SEK 86.2m), implying sales growth of 24% y/y. Adj. EBITDA came in at SEK 4.2m (vs SEB SEK 3.9m), resulting in an adj. EBITDA margin of 4.9% (vs SEB 4.5%). The positive deviation was mainly driven by strong growth (+171% y/y) within Risk Solutions. Management also comment that they are actively searching for additional M&A. Overall, the Q3 results imply limited changes to our earnings estimates and investment case.
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