Lenio has only been involved since 1.6.2025, and too much shouldn’t be expected for the initial phase. However, it seems that the start has been a bit slow: 0.2 MEUR in revenue was achieved in 08-10/25, and for the full year 1-10/25, ARR growth is 8%. I compared that to Panostaja’s Q3 report, and at that time, ARR growth for 1-7/25 was 9%. And for comparison, Inderes’ revenue expectation from the comprehensive report for 2025: “In our forecast scenario, we have assumed that in 2025, growth will be approximately 25% and revenue will rise to the level of 0.9 MEUR.”
Lenio’s figures are small and (still) insignificant in Panostaja’s overall context. But noteworthy is the shortfall that immediately begins to emerge and falls short of expectations. In relation to the purchase price paid, the first acquisition in seven years has not started particularly well under Panostaja’s leadership.