Strong Q3 with sales growing by 15% and gross margin up 210bp y/y. In our view, this indicates the refresh cycle of computers and mobile phones has begun. Adj. EBIT of EUR 3.9m beat us by 5% and consensus by 26%. Adj. EBIT margin of 3.0% (-0.7% in Q4/24). Verkkokauppa.com repeats guidance of sales and adj. EBIT to grow. Sales have grown 9% YTD and adj. EBIT to EUR 9.1m in Q1-Q3/25 from EUR -1.9m in Q1-Q3/24. Shares to trade up today by 5-10%, we say.
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