Penneo – H1 2022

Kasper Lihn

Kasper Lihn

Penneo H1 2022 results: ARR growth of 33% in the first half of 2022 – full-year 2022 guidance is maintained 

This morning, Penneo announced its H1 results for 2022. In H1 2022, ARR increased by DKK 8.0m to a total ARR of DKK 63.5 million, which corresponds to a growth of 33% YoY. Despite a slowdown in growth, Penneo maintains its ARR guidance end of 2022 of DKK 77-82 million, corresponding to growth between 40-49% YoY. In H2 2022, Penneo will continue its plan to invest in growth activities and continue the focus on the rollout of KYC to auditors and accountants in the Nordics.

Looking at the overall SaaS metrics, Penneo’s net ARR retention rate declined to 114% (120% in Q1 2022), primarily caused by a lower ARR uplift of 17%. The churn rate is still low at 3%.  

In H1 2022, EBITDA amounted to DKK -9.7 million (DKK -5.4 million in H1 2021). Penneo also maintains its full-year EBITDA guidance of DKK -20 million to -15 million.

Later today at 2:00 PM, you can meet and ask questions to Penneo’s CEO Christian Stendevad and CFO Casper Nielsen Christiansen, who will present the H1 report. Sign up here:

HC Andersen Capital receives payment from Penneo for a Digital IR/Corporate Visibility agreement. /Kasper Lihn 8:26 AM, 24 August 2022.