Tempest Security reported Q1 net sales of SEK 95.7m (our estimate SEK 91.9m) and reported EBITDA of SEK 2.2m (our estimate SEK 1.7m) for an EBITDA margin of 2.3% (our estimate 1.9%). Adjusted for acquisition costs, adj. EBITDA was SEK 3.8m (adj. EBITDA margin of 4%). Overall, the Q1 results implies limited changes to our 2022-24 earnings forecasts and investment case.

SEB Research

This research has been commissioned by the company. Only for professional investors resident in EEA member states. Reports may not be distributed to the US or other jurisdictions where to do so would be unlawful. Please see the disclaimer tab for any details of investment banking services recently provided by SEB that could be considered relevant to the subject matter of this research.