NFON - Q325 - No-one said this would be easy

As investors wait for a sentiment upturn in NFON's core markets, we take comfort in a business model that is based on a stable recurring revenue base, with modest churn (0.5%) representing 94% of sales. The negative share price reaction to management's modest FY25 guidance downgrade shows that the market is, as ever, impatient. This offers longer term investors an opportunity if they are prepared to look beyond FY26 where, in our opinion, the significant future potential of the German market remains undimmed.

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