Safeture delivered a solid third quarter with ARR reaching SEK 63.5m (+11% y/y) and robust gross margins of 83%. While the loss of a legacy client caused a temporary uptick in churn, strong upsell activity maintained Net Retention Rate (NRR) at 100%. On the back of the Q3 results, we have slightly trimmed our near-term top-line forecasts, though the company's slimmed-down cost profile keeps it firmly on track toward sustainable profitability with expected operating leverage in the coming years. We update our blended fair value to SEK 6.25 per share, reflecting an attractively priced stock.
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