Redeye provides an initial comment on the Q2 2025 report from Tradedoubler, which showed solid growth against relatively easy comparable figures y/y in Partner Marketing. We believe the main highlight in the report was Metapic, bouncing back to some 45% y/y growth. The seasonally strongest quarter for Metapic is Q4, by far, and we believe the current run rate of growth sets the company up for a very strong end to the year. We expect to mostly maintain our fair value range, although with a slight tilt to positive revisions.

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