Formpipe's Q2 sales were strong and with 95.8 mSEK slightly above our expectations of 93.9 mSEK, even if some of the deals signed during the quarter are not yet fully impacting the top line. An EBIT margin of 6.1% surprised us however, as our estimates were at 11.4%. The drop compared to the strong previous quarters is according to the company however not a long-term one, and due to investments in product, talent and an intensive pre-summer tendering period.