Redeye provides an initial comment on Safeture’s Q1 2025 report, which showed ARR growth slightly shy of our expectations. Adjusted for FX effects, where end-of-quarter exchange rates have a significant effect on the ARR figure, the company showed growth of 8% y/y and 1% q/q. ARR was cSEK57m, or SEK58.5m if adjusted for FX, by the end of the first quarter, compared to our estimate of cSEK61m. For the third quarter in a row, EBIT was positive, which we consider impressive. We expect to make slight adjustments to our estimates following the lower starting point for ARR after the FX effect, but other than that, changes will be minimal.
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