Following the Q3 2025 results, we have revised our investment case one-pager to reflect the latest developments, including updated peer-group perspectives from the Danish SaaS sector.

Q3 2025 continued to demonstrate improving and solid SaaS metrics. Net new ARR reached a record high for a third quarter, momentum was not driven by higher costs, and churn continued to decline despite being at already low levels. Together, these trends support management’s comments that market conditions are gradually improving. The combination of very low churn and a high gross margin provides a compelling investment case for continued investment in growth, as the lifetime value of each new customer remains attractive.

The company’s focus on product development resulted in several new product launches during 2025. Momentum in the large DACH region, combined with the company’s targeted efforts to unlock new potential in the UK market, indicates that Impero continues to invest in expanding its long-term growth optionality.

For further insights into the company’s development and outlook, you can watch the management presentation of the Q3 2025 results here: https://www.inderes.dk/videos/impero-praesentation-af-q3-2025

Disclaimer: HC Andersen Capital receives payment from Impero for a Digital IR subscription agreement. /Michael Friis 14:30, 01/12-2025.