Redeye provides an initial comment on Tradedoubler’s Q3 2025 report. Sales and the gross margin were broadly in line with our estimates, whereas a higher OPEX base resulted in negative deviations further down the income statement. The increase is stated to stem primarily from higher costs within Metapic, which we consider “good” opex to further drive growth going forward. We note intensified commentary on AI development and will look for more details on the upcoming conference call. We expect to make minor, if any, changes to our valuation following the report.
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