Q3 in line with preliminary results - conversion is key

The Q3 report was in line with the preliminary results, with sales of SEK46.1m and EBIT of SEK0.2m. The focus is now on conversion of delayed projects, which management says remain in the pipeline and are mainly linked to project timing and slower facility build-outs. Management remains positive on the seasonally stronger Q4. We make only minor estimate changes and revise our fair value range to SEK55–70 (57–72).

Sales down 15% Y/Y, driven by delayed US projects. Sales were SEK46.1m (SEK54.3m in Q3 2025), while EBIT was SEK0.2m (SEK8.0m). Organic growth was -16% Y/Y, with Americas sales declining to SEK16.1m (SEK25.5m), more than explaining the group’s sales miss, we believe. EMEA was stable despite the Middle East uncertainty, while APAC grew 11% Y/Y. The gross margin improved to 72.2% (70.7%), showing good pricing power and product mix. Order intake was broadly in line Y/Y, but in our view the key near-term question remains when delayed projects convert.

Markerless traction encouraging but immaterial near-term. Prisma Pose is being rolled out to the installed base in Q4 and management noted good initial interest. Along with the previously announced Premier League and NFL teams, the company said OnTraq has signed more customer agreements than publicly disclosed. These agreements are generally at least one year and subscription-based, supporting more recurring revenue over time, but are still too small to affect group earnings near-term, according to the company.

2026–28e adj. EBIT broadly unchanged. Our 2026–27e adj. EBIT are relatively unchanged but we raise 2028e by 2%, mainly reflecting updated FX assumptions. While Q4 conversion remains the key near-term uncertainty, we retain our 2027e EV/EBIT valuation range of 10–13x, looking past the delayed projects and focusing on the company’s longer-term growth opportunity. This results in a revised fair value range of SEK55–70 (57–72).