• Strong Q4 with a beat on all headline items...
• ...adds more fuel to '25e growth: guidance remains too low
• '25e-'26e EBITDA up 3-6%, FVR to DKK 8-16 (8-15)

Strong Q4 with a beat on all headline items...

Q4 saw OrderYOYO — as we expected — concluding '24 with a beat on all five guidance items (despite upgrading it four times prior to Q4). ARR grew by 22% y-o-y, beating our 19%, while revenues were 9% stronger (seeing 24% growth y-o-y). Despite the strong top line, a higher share of lower-margin hardware sales and a quicker-than-expected ramp-up of FTEs limited the adj. EBITDA beat somewhat, but the margin was still up 7pp y-o-y. Cash EBITDA grew to DKK 11.1m in Q4 (vs. DKK 3.6m in Q4'23).

...adds more fuel to '25e growth: guidance remains too low

Extrapolation of a further de-risked operational momentum prompts 3% higher '25-'26 ARR estimates (or DKK 13m-14m higher), resulting in 18% ARR growth in '25e (most of which should be volume-driven). We estimate App4 will drive ~DKK 17m of the DKK 65m total ARR uplift y-o-y, corresponding to an inorganic growth contribution of 5pp (assuming a take-rate of 7% vs. OrderYOYO's ~10%). However, we also pencil in a slightly faster hiring pace in our 3-6% higher adj. EBITDA estimates. Although this somewhat limits short-term operating leverage, we still see the margin up 4pp y-o-y to 22%, lining OrderYOYO up to meet its “long-term” margin target of 25% already in '26e. Our '25e estimates are 2% above on GMV, ARR, and net revenues, and 16% above the DKK 70m-75m adj. EBITDA (ABGSCe DKK 87m) and DKK 43m-48m cash EBITDA guidance (ABGSCe DKK 56m). We thus expect the train of guidance upgrades to continue its journey as visibility gradually increases.

Revisions prompt a higher FVR of DKK 8-16 (8-15)

OrderYOYO is currently trading at 2.4-1.9x EV/Sales and 19-11x EV/EBITDA-capex in '25e-'26e. Revisions raise our FVR to DKK 8-16 (8-15). A Q4 conference call will be held on 22 January at 10:00 CET, and the annual report is sch