The net customer intake was 13,000 (10,000), which was higher than our expectation of 10,000 and is the highest level seen in a Q3. It follows the positive trend seen in recent quarters with accelerating absolute net customer intake. While we expect most of the future growth to come from ARPC increases, a strong net customer intake is encouraging, as it indicates Fortnox continues to gain market share. Total sales was SEK523m (415), corresponding to 26% growth y/y – 25% organic growth. The outcome matched our forecast. In the Q3 report, management disclosed the growth mix, which we are happy to see. For Q3 y/y figures, price adjustments contributed by 7%, new customers by roughly 8% and increased usage by about 10%.

EBIT was SEK235m, corresponding to an EBIT margin of 44.9% (45.4). Our forecast was SEK231m and 40.0%, and the 2% beat follows lower OPEX. EBITDA – CAPEX was SEK242m (154), slightly above our forecast of SEK239m. However, excluding the SEK13m in one-offs, the underlying EBITDA-CAPEX margin was impressive at 48.8% - although Q3 tends to be strong due to vacations. Following the divestment of Offerta (Fortnox will own 49% of the new company, though, with an option of acquiring another 3%) with ~zero margins, we expect higher margins from Q4 and onwards.

Following roughly unchanged forecasts, we leave our Base Case at SEK73 (73). At ~16x sales 2025e, Fortnox is the highest-valued business among Nordic Listed SaaS. We believe Fortnox deserves a standout valuation for several reasons, such as a market-leading position, wide moats, solid growth, and high margins.