Redeye will likely make forecast adjustments following Penneo’s Q1’22 report, which showed lower ARR growth than expected. However, Penneo maintained its FY’22 ARR guidance of DKK 77-82m, corresponding to a 40%-49% y/y growth, while adjusted its EBITDA guidance to a negative DKK 15-20m (earlier DKK 5-10m) due to an intensified growth investments thanks to the capital raise completed in Q1. Consequently, we will make minor forecast adjustments that will slightly affect our valuation.