FADEL’s H1 25 trading update shows strong customer retention, H1 25E revenue and adjusted EBITDA of $4.7m and -$2.4m, and an outlook that leads us to revise FY25E revenue to $12.3m from $14.3m due to services and support revenue, while reiterating our FY25E adjusted EBITDA and net cash. H1 25E ARR growth of +8% yoy to $9.9m reflects licence-based ARR +23% yoy to c$8.2m due to new wins, upsells, and no customer losses in the core IPM or Brand Vision solutions, while Enhanced Support Services ARR ....
