OrderYOYO: Fourth upgrade YTD, solid '25 guidance - ABG

19% ARR growth and 19% EBITDA margin, guidance raised again
'25 guidance: ~13% ARR growth and 18-20% EBITDA margin
Acquires App4 for DKK 54m. Cons to raise '25 EBITDA >10%


Q3 numbers vs. ABGSCe

OrderYOYO's Q3 GMV of DKK 2.7bn came in 13% below our estimate, while ARR of DKK 304m came in 4% below ABGSCe of DKK 318m. This equates to 19% y-o-y ARR growth vs. our 24% estimate. The company has not provided a breakdown on churn, uplift, and ARR new sales. However, Q3 net revenue of DKK 78m came in bang in line with our estimate and corresponds to 20% y-o-y growth. Turning to profitability, adj. EBITDA for the quarter of DKK 14.5m and cash EBITDA of DKK 7.6m came in broadly in line with our estimates (+2% and +1% above, respectively).