lleida.net announced 2Q21 results with a +17% increase in gross profits (vs +6% in 1Q21) coupled with an uptick in costs (+30%) that has resulted in a 7% decline in operating profits to €311k and a drop of 3% in pre-tax profits to €271k. Despite the headline profit numbers, Lleida net remains on a strong growth trajectory for the year. We are toning down our forecasts on the lower than expected SaaS growth in 2Q21 (we had a +65% growth for 2021), but we still expect 2021 to be a stellar year for Lleida.net. The announced acquisition will provide a strong value creation opportunity for the company. We will maintain our target price unchanged for now based on the probable upside provided by the proposed acquisition.