Leaddesk is delivering on its strategy to improve profitability. H1 EBITDA margin rose slightly y/y despite one-off costs which weighed on profitability. As the integration of Zisson proceeds and one-time items are left behind, profitability should climb towards end-2025E and 2026E. The next phase of Leaddesk’s strategy calls for investment in further growth, and we see organic sales up 6% in 2026. We trim our fair value range to EUR 9-13 (10-14) per share.
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