Redeye views Q3 as a largely pre-announced quarter, with a soft margin that we flagged in our update following the guidance adjustment. Net sales rose 21% year-on-year to SEK18.7m, 5.4% above our estimate, while adjusted EBITDA of SEK10.6m was 1.7% below our estimate at a margin of 57% (68%), still well above lead generation peers. Management is deliberately spending more on marketing to build positions in markets and partnerships with long-term potential, and commission from Fable's high-value markets increased significantly. We make almost no changes to our estimates, which land at the low end of 2026 guidance, and we keep our Fair Value unchanged.
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