<a id="bm-comp-146e0e6a-1b24-4568-a4f8-0c35796fb9e8" name="bm-comp-146e0e6a-1b24-4568-a4f8-0c35796fb9e8" class="BMCustomAnchor"></a><table><tr><td bm-component-id="146e0e6a-1b24-4568-a4f8-0c35796fb9e8" style="vertical-align: top; width:100.000000%;"><ul><li>SEK 115m renewal order from Swedish Space Corporation</li><li>15% downgrade from last order, but likely due to lower terminal sales</li><li>Neutral on estimates, but positive on 12m of revenue certainty from SSC</li></ul></td></tr></table><a id="bm-comp-447d5986-68ae-479b-ae71-501f529d9e5b" name="bm-comp-447d5986-68ae-479b-ae71-501f529d9e5b" class="BMCustomAnchor"></a><table><tr><td bm-component-id="447d5986-68ae-479b-ae71-501f529d9e5b" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Renewal from SSC</h3><p>Today, Ovzon announced that it has received a renewed SATCOM-as-a-Service order with Swedish Space Corporation (SSC). Although the order value of SEK 115m (or USD 11m) is slightly lower than the last order value (SEK 135m) that it received from this customer, this is likely to reflect a lower proportion or terminal sales in new order, rather than a comparable change in price or capacity of the SATCOM service. The new order will be delivered from 1 October and covers a 12-month period (the previous order started in Q1'24, and was "delivered during large parts of 2024", which plausibly covered the period Q1'24-Q3'24).</p><h3 class="bm-h3">Neutral impact on sales estimates</h3><p>We argue that an extension from SSC was expected, so we do not expect the announcement to trigger any estimate revisions. However, it is indeed positive to have secured revenues from this customer for the next 12 months.</p></td></tr></table><a id="bm-comp-0cd6aef5-ace1-42a2-85b7-8e69312f77a9" name="bm-comp-0cd6aef5-ace1-42a2-85b7-8e69312f77a9" class="BMCustomAnchor"></a><table><tr><td bm-component-id="0cd6aef5-ace1-42a2-85b7-8e69312f77a9" style="vertical-align: top; width:100.000000%;"><table id="bm-img-176c884b-102a-4b94-96fc-87b1c693f105" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Ovzon order announcements (USDm)</td></tr><tr><td><img bm-img-encrypt="176c884b-102a-4b94-96fc-87b1c693f105" bm-img-original-height="415" bm-img-original-width="793" bm-img-svg="image:image_upload/81454_77f58782-dab1-4cdf-b7cb-dfbbbb931ea6.svg" bm-img-width-hint="95.46%" id="bm-id-6b9ae54a-4334-4ddd-abc0-7c1c89fc233e" src="https://abgsc.bluematrix.com/images/image_upload/81454_77f58782-dab1-4cdf-b7cb-dfbbbb931ea6_694.png" svg="/nas/web/clients/abgsc/images/image_upload/81454_77f58782-dab1-4cdf-b7cb-dfbbbb931ea6.svg" width="694" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td></tr></table><a id="bm-comp-0d8b6cae-611c-4fdc-b2e0-91a5c59ab2ea" name="bm-comp-0d8b6cae-611c-4fdc-b2e0-91a5c59ab2ea" class="BMCustomAnchor"></a><table><tr><td bm-component-id="0d8b6cae-611c-4fdc-b2e0-91a5c59ab2ea" style="vertical-align: top; width:100.000000%;"><table id="bm-img-147fd219-e303-436c-b072-a789ff39d471" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Sales, quarterly (SEKm)</td></tr><tr><td><img bm-img-encrypt="147fd219-e303-436c-b072-a789ff39d471" bm-img-original-height="388" bm-img-original-width="793" bm-img-svg="image:image_upload/81454_70de22f1-73ef-4f6c-9075-245fc5b5730d.svg" bm-img-width-hint="100%" id="bm-id-147fd219-e303-436c-b072-a789ff39d471" src="https://abgsc.bluematrix.com/images/image_upload/81454_70de22f1-73ef-4f6c-9075-245fc5b5730d_733.png" svg="/nas/web/clients/abgsc/images/image_upload/81454_70de22f1-73ef-4f6c-9075-245fc5b5730d.svg" width="727" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td></tr></table><a id="bm-comp-432c98eb-e585-454a-a70c-9f578f489a6e" name="bm-comp-432c98eb-e585-454a-a70c-9f578f489a6e" class="BMCustomAnchor"></a><table><tr><td bm-component-id="432c98eb-e585-454a-a70c-9f578f489a6e" style="vertical-align: top; width:100.000000%;"><table id="bm-img-ca641272-c5e8-48b7-9076-2a36c0892715" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Sales breakdown (SEKm)</td></tr><tr><td><img bm-img-encrypt="ca641272-c5e8-48b7-9076-2a36c0892715" bm-img-original-height="373" bm-img-original-width="793" bm-img-svg="image:image_upload/81454_09bfe6bf-3ee0-4c09-a22a-3f3d836d6c23.svg" bm-img-width-hint="100%" id="bm-id-ca641272-c5e8-48b7-9076-2a36c0892715" src="https://abgsc.bluematrix.com/images/image_upload/81454_09bfe6bf-3ee0-4c09-a22a-3f3d836d6c23_733.png" svg="/nas/web/clients/abgsc/images/image_upload/81454_09bfe6bf-3ee0-4c09-a22a-3f3d836d6c23.svg" width="727" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td></tr></table>