4iG has announced its Q120 results. These show continuing momentum from the step change achieved in FY19, where revenues almost tripled to HUF41bn. Q120 revenues were HUF8.6bn, representing 78% organic growth y-o-y (Q119: HUF4.9bn), with EBITDA rising to HUF578m, up 20% y-o-y (Q119: HUF483m), an EBITDA margin of 6.7% (FY19: 9.9%, FY20e: 8.5%). Weaker margins were expected as 4iG is carrying additional personnel costs (HUF0.79m) to allow the business to scale (headcount increased to 620) as well as high software development investment. Q120 will also include weakness due to the COVID-19 lockdown, although management indicated that the impact on the business has been minimal, with previous financial guidance maintained. 4iG has HUF23bn of contracted revenue for FY20, close to 50% of our FY20e revenue forecast of HUF49.1bn. We maintain our estimates.