Reported Earnings • May 11
First quarter 2026 earnings released: EPS: kr0.07 (vs kr0.093 loss in 1Q 2025) First quarter 2026 results: EPS: kr0.07 (up from kr0.093 loss in 1Q 2025). Revenue: kr337.9m (flat on 1Q 2025). Net income: kr4.90m (up kr9.40m from 1Q 2025). Profit margin: 1.5% (up from net loss in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • Apr 08
PION Group AB (publ), Annual General Meeting, May 06, 2026 PION Group AB (publ), Annual General Meeting, May 06, 2026, at 16:00 W. Europe Standard Time. Location: company`s premises at vasagatan 7, floor 6, in stockholm., stockholm Sweden Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Director Thomas Krishan was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Dec 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 54% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Market cap is less than US$100m (€24.9m market cap, or US$29.3m). Reported Earnings • Nov 09
Third quarter 2025 earnings released Third quarter 2025 results: Net income: (up kr18.5m from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 114 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Nov 09
Now 20% overvalued Over the last 90 days, the stock has fallen 1.0% to €0.49. The fair value is estimated to be €0.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Aug 19
Second quarter 2025 earnings released: kr0.05 loss per share (vs kr0.41 loss in 2Q 2024) Second quarter 2025 results: kr0.05 loss per share (improved from kr0.41 loss in 2Q 2024). Revenue: kr367.1m (down 13% from 2Q 2024). Net loss: kr2.40m (loss narrowed 88% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Reported Earnings • May 07
First quarter 2025 earnings released First quarter 2025 results: Revenue: kr338.5m (down 21% from 1Q 2024). Net loss: kr4.50m (loss widened kr3.90m from 1Q 2024). Announcement • Apr 09
PION Group AB (publ), Annual General Meeting, May 06, 2025 PION Group AB (publ), Annual General Meeting, May 06, 2025, at 16:00 W. Europe Standard Time. Location: at the companys premises, at torsgatan 11, floor 2, stockholm Sweden Reported Earnings • Mar 02
Full year 2024 earnings released: kr1.30 loss per share (vs kr0.30 loss in FY 2023) Full year 2024 results: kr1.30 loss per share (further deteriorated from kr0.30 loss in FY 2023). Revenue: kr1.60b (down 21% from FY 2023). Net loss: kr62.9m (loss widened 336% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Feb 27
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.1% to €0.47. The fair value is estimated to be €0.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Jan 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.8% to €0.50. The fair value is estimated to be €0.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Jan 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.8% to €0.50. The fair value is estimated to be €0.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Nov 07
Third quarter 2024 earnings released: kr0.38 loss per share (vs kr0.17 profit in 3Q 2023) Third quarter 2024 results: kr0.38 loss per share (down from kr0.17 profit in 3Q 2023). Revenue: kr384.2m (down 19% from 3Q 2023). Net loss: kr18.5m (down 326% from profit in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. New Risk • Oct 03
New major risk - Revenue and earnings growth Earnings have declined by 6.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 6.5% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (8.7% average weekly change). Market cap is less than US$100m (€26.3m market cap, or US$29.0m). New Risk • Aug 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (€28.6m market cap, or US$31.2m). Recent Insider Transactions • Jul 31
CEO & Director recently bought €93k worth of stock On the 26th of July, Martin Hansson bought around 170k shares on-market at roughly €0.55 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Martin's only on-market trade for the last 12 months. Reported Earnings • Jul 28
Second quarter 2024 earnings released: kr0.42 loss per share (vs kr0.15 loss in 2Q 2023) Second quarter 2024 results: kr0.42 loss per share (further deteriorated from kr0.15 loss in 2Q 2023). Revenue: kr423.6m (down 20% from 2Q 2023). Net loss: kr19.9m (loss widened 173% from 2Q 2023). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Professional Services industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Jun 17
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €0.60. The fair value is estimated to be €0.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Jun 05
Now 20% undervalued Over the last 90 days, the stock has risen 17% to €0.65. The fair value is estimated to be €0.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • May 21
Now 20% undervalued Over the last 90 days, the stock has risen 1.3% to €0.62. The fair value is estimated to be €0.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 08
First quarter 2024 earnings released: kr0.01 loss per share (vs kr0.23 loss in 1Q 2023) First quarter 2024 results: kr0.01 loss per share (improved from kr0.23 loss in 1Q 2023). Revenue: kr428.7m (down 19% from 1Q 2023). Net loss: kr600.0k (loss narrowed 95% from 1Q 2023). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Professional Services industry in Europe. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 01
Upcoming dividend of kr0.25 per share Eligible shareholders must have bought the stock before 08 May 2024. Payment date: 15 May 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.1%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.4%). Buy Or Sell Opportunity • Apr 29
Now 21% undervalued Over the last 90 days, the stock has risen 5.1% to €0.60. The fair value is estimated to be €0.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Apr 22
Full year 2023 earnings released: kr0.30 loss per share (vs kr1.26 profit in FY 2022) Full year 2023 results: kr0.30 loss per share (down from kr1.26 profit in FY 2022). Revenue: kr2.02b (down 3.2% from FY 2022). Net loss: kr14.4m (down 124% from profit in FY 2022). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Professional Services industry in Europe. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Apr 19
Now 20% undervalued Over the last 90 days, the stock has risen 4.1% to €0.63. The fair value is estimated to be €0.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Feb 29
Full year 2023 earnings released: kr0.30 loss per share (vs kr1.26 profit in FY 2022) Full year 2023 results: kr0.30 loss per share (down from kr1.26 profit in FY 2022). Revenue: kr2.02b (down 3.2% from FY 2022). Net loss: kr14.4m (down 124% from profit in FY 2022). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Professional Services industry in Europe. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: kr0.17 (vs kr0.37 in 3Q 2022) Third quarter 2023 results: EPS: kr0.17 (down from kr0.37 in 3Q 2022). Revenue: kr476.7m (down 6.7% from 3Q 2022). Net income: kr8.20m (down 53% from 3Q 2022). Profit margin: 1.7% (down from 3.4% in 3Q 2022). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Professional Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 26
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr527.5m (down 2.2% from 2Q 2022). Net loss: kr7.30m (down 154% from profit in 2Q 2022). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Professional Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jun 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 29%. The fair value is estimated to be €0.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 53%. Revenue is forecast to grow by 7.4% in 2 years. Earnings is forecast to grow by 94% in the next 2 years. Buying Opportunity • Jun 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 32%. The fair value is estimated to be €0.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 53%. Revenue is forecast to grow by 7.4% in 2 years. Earnings is forecast to grow by 94% in the next 2 years. Recent Insider Transactions • Jun 04
Insider recently bought €128k worth of stock On the 31st of May, Thomas Krishan bought around 210k shares on-market at roughly €0.61 per share. This transaction amounted to 8.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €193k more in shares than they have sold in the last 12 months. Buying Opportunity • May 22
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 33%. The fair value is estimated to be €0.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 53%. Revenue is forecast to grow by 7.4% in 2 years. Earnings is forecast to grow by 94% in the next 2 years. Reported Earnings • May 01
First quarter 2023 earnings released First quarter 2023 results: Revenue: kr531.7m (up 5.6% from 1Q 2022). Net loss: kr11.3m (down 158% from profit in 1Q 2022). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Professional Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 21
Upcoming dividend of kr0.50 per share at 5.0% yield Eligible shareholders must have bought the stock before 28 April 2023. Payment date: 05 May 2023. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 5.0%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (2.7%). Reported Earnings • Feb 22
Full year 2022 earnings released: EPS: kr1.26 (vs kr1.73 in FY 2021) Full year 2022 results: EPS: kr1.26 (down from kr1.73 in FY 2021). Revenue: kr2.09b (up 9.7% from FY 2021). Net income: kr59.4m (down 26% from FY 2021). Profit margin: 2.8% (down from 4.2% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.9% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Professional Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Director Martin Hansson is the most experienced director on the board, commencing their role in 2020. Independent Director Anna Rampe was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 26
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: kr510.8m (up 10% from 3Q 2021). Net income: kr17.6m (down 17% from 3Q 2021). Profit margin: 3.4% (down from 4.6% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Professional Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 27
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: kr539.6m (up 14% from 2Q 2021). Net income: kr13.5m (down 19% from 2Q 2021). Profit margin: 2.5% (down from 3.5% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 3.7%, compared to a 10% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 02
Investor sentiment deteriorated over the past week After last week's 19% share price decline to €1.49, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 17x in the Professional Services industry in Europe. Total returns to shareholders of 163% over the past three years. Board Change • Apr 27
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Director Martin Hansson is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Upcoming Dividend • Apr 20
Upcoming dividend of kr1.00 per share Eligible shareholders must have bought the stock before 27 April 2022. Payment date: 03 May 2022. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 5.0%. Within top quartile of German dividend payers (3.9%). Higher than average of industry peers (2.4%). Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improved over the past week After last week's 16% share price gain to €1.67, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 18x in the Professional Services industry in Europe. Total returns to shareholders of 163% over the past three years. Reported Earnings • Feb 24
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: kr1.73 (up from kr0.15 in FY 2020). Revenue: kr1.90b (up 30% from FY 2020). Net income: kr80.6m (up kr73.5m from FY 2020). Profit margin: 4.2% (up from 0.5% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.3%. Over the next year, revenue is forecast to grow 5.6%, compared to a 9.3% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment improved over the past week After last week's 16% share price gain to €1.89, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 22x in the Professional Services industry in Europe. Total returns to shareholders of 167% over the past three years. Reported Earnings • Oct 27
Third quarter 2021 earnings released: EPS kr0.46 (vs kr0.069 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr463.7m (up 36% from 3Q 2020). Net income: kr21.3m (up kr18.1m from 3Q 2020). Profit margin: 4.6% (up from 0.9% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 20% per year. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improved over the past week After last week's 19% share price gain to €1.57, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 24x in the Professional Services industry in Europe. Total returns to shareholders of 96% over the past three years. Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improved over the past week After last week's 15% share price gain to €1.40, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 24x in the Professional Services industry in Europe. Total returns to shareholders of 46% over the past three years. Reported Earnings • Jul 28
Second quarter 2021 earnings released: EPS kr0.36 (vs kr0.006 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr473.0m (up 37% from 2Q 2020). Net income: kr16.7m (up kr16.4m from 2Q 2020). Profit margin: 3.5% (up from 0.1% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improved over the past week After last week's 18% share price gain to kr1.19, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 25x in the Professional Services industry in Europe. Total loss to shareholders of 2.5% over the past three years. Upcoming Dividend • Apr 21
Upcoming dividend of kr0.60 per share Eligible shareholders must have bought the stock before 28 April 2021. Payment date: 04 May 2021. Trailing yield: 5.9%. Within top quartile of German dividend payers (3.1%). Higher than average of industry peers (2.0%). Reported Earnings • Feb 28
Full year 2020 earnings released: EPS kr0.15 (vs kr0.51 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: kr1.46b (down 13% from FY 2019). Net income: kr7.10m (down 70% from FY 2019). Profit margin: 0.5% (down from 1.4% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 25
New 90-day high: €0.70 The company is up 22% from its price of €0.57 on 27 November 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 13% over the same period. Is New 90 Day High Low • Feb 06
New 90-day high: €0.63 The company is up 12% from its price of €0.57 on 06 November 2020. The German market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Professional Services industry, which is up 3.0% over the same period. Is New 90 Day High Low • Jan 15
New 90-day high: €0.62 The company is up 9.0% from its price of €0.57 on 16 October 2020. The German market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Professional Services industry, which is up 4.0% over the same period. Is New 90 Day High Low • Dec 29
New 90-day high: €0.59 The company is up 4.0% from its price of €0.57 on 30 September 2020. The German market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Professional Services industry, which is also up 4.0% over the same period. Is New 90 Day High Low • Oct 29
New 90-day low: €0.54 The company is down 5.0% from its price of €0.57 on 30 July 2020. The German market is also down 5.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Professional Services industry, which is flat over the same period. Reported Earnings • Oct 29
Third quarter earnings released Over the last 12 months the company has reported total profits of kr5.41m, down 80% from the prior year. Total revenue was kr1.45b over the last 12 months, down 18% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 29
Third-quarter earnings released: Revenue misses expectations Third-quarter revenue missed analyst estimates by 3.7% at kr341.9m. Revenue is forecast to grow 6.9% over the next year, while the growth in Professional Services industry in Germany is expected to stay flat.