Q1 initially looked soft on higher churn and weak uplift...
Penneo grew ARR by 23% y-o-y (vs. our 25% estimate), with strong ~16% new sales weighed down by churn of 5.5% (vs. ~4% avg. in '23) and weak uplift of ~13% (vs. ~17% avg.). Adj. EBITDA of DKK -3.7m came in lower than our DKK -1.9m estimate, due to the DKK 2.9m top-line miss. FCF incl. leases of DKK -8.2m, however, surprised positively on better NWC, making up for slightly higher capex.
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