Sales are catching up - Q3 initial

With several projects delayed in H1 going into production, sales accelerated ~28% Y/Y after two consecutive quarters of Y/Y declines. Combined with record order intake, up ~200% Y/Y, and bid stock, up 72% Y/Y, we expect sales to continue to accelerate in Q4 and 2027. Adj. EBITDA was SEK3m above our forecast of SEK5m, and the margin was 8.0%. Savings from Next LEVEL and LEVEL UP continue to materialise

Accelerating sales... Sales were up 28% Y/Y after two consecutive quarters of declines as several projects delayed in H1 were put into production. Order intake grew by ~200% Y/Y – a record high – while the bid stock grew 72% Y/Y – another record.

…and EBITDA. Having been negative in Q1–Q2, adj. EBITDA turned positive in Q3. At SEK8m, adj. EBITDA was SEK3m above our forecast and significantly higher Y/Y (~SEK-1m in Q3 2025). Except for the affect from higher volumes, the Next LEVEL efficiency programme continues to take effect while savings continue to materialise from LEVEL UP.

New financial targets imply 17% EBITDA CAGR until 2031e. The company’s new long-term financial targets, presented in September, include growth of more than 10% per year organically in 2027–31, an average EBITDA margin of 10% over the cycle and ND/EBITDA should not exceed 2.5x. On our calculations, 10% annual organic growth in 2027–31e translates to revenues of ~SEK630m in 2031. When applying a 10% EBITDA margin, we estimate adj. EBITDA of SEK63m, corresponding to a CAGR of 17%, from adj. EBITDA of SEK25m in 2025.