As both net customer intake (16 000 vs 13 000 Redeye est.) and ARPC (168 vs 161 Redeye est.) came in above our estimates, sales was ~5% above forecast. Both the parent company and Fortnox Finance grew faster than we expected. EBIT, boosted by capitalizations, was 10% higher than our estimate while the underlying EBITDA (ex. AWC) came in slightly below forecast. Given our first look, we will likely increase our sales forecast for 2020 by ~5%, supported by a solid order backlog. Also, we will likely raise our Base case and we remain positive to the stock.