Redeye concludes that Litium delivered a strong Q4, with ARR growth of 18% including Geins and organic growth of 9%. While ARR came in slightly below our estimates, this is linked to conservative accounting of Geins’ variable revenues rather than deteriorating demand. More importantly, early traction within the Monitor partnership strengthens our conviction that ARR growth could accelerate in H2 2026. Despite modest near-term estimate adjustments, we keep our Base Case intact as long-term margin expansion potential remains significant.
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