Talkpool reported revenues of EUR 5.5m in Q2, which thereby came in below our expectations. The company did simultaneously show continued gross margin improvements, resulting in EBITDA in line with our forecast (EUR 0.4m). We believe that the most interesting events during the period concern its increased opportunities in the Middle East and the recent debt issue of SEK 24m. We have revised our sales forecast, resulting in an updated fair value range.