Q4 ARR EUR 35.7m, +4% y/y organically (Q3: 2.3%). Cons.: EUR 35.8mExpects accelerated growth in 2025, helped by a more positive outlook for the construction industryPace of recovery is uncertain and bankruptcy-churn to remain high in H1'25Guides 2025 ARR growth of 8-14% (2024 organic: 3%), but unclear if and how much M&A is includedOutlook is supportive for similar expectations for SmartCraft
