<a id="bm-comp-300ce3c2-d32b-4dbe-90ff-afc7bbe75586" name="bm-comp-300ce3c2-d32b-4dbe-90ff-afc7bbe75586" class="BMCustomAnchor"></a><table><tr><td bm-component-id="300ce3c2-d32b-4dbe-90ff-afc7bbe75586" style="vertical-align: top; width:100.000000%;"><ul><li>EBIT in line with preliminary figures, sales slightly above</li><li>Formpipe has taken measures to enhance margins</li><li>Cons. to cut 2025e adj. EBIT 5-10%</li></ul></td></tr></table><a id="bm-comp-8761f358-3f7f-403b-8f90-6672ac2886db" name="bm-comp-8761f358-3f7f-403b-8f90-6672ac2886db" class="BMCustomAnchor"></a><table><tr><td bm-component-id="8761f358-3f7f-403b-8f90-6672ac2886db" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q4 results</h3><p>Sales SEK 141m (0% vs ABGSC 141m), EBITDA 20m (-38% vs ABGSC 32m), EBIT 3m (-83% vs ABGSC 15m), Adj. EBIT 7m (-60% vs ABGSC 18m), Net profit 3m (-75% vs ABGSC 13m). Cash flow was good, with FCF of SEK 34m - despite NRIs of SEK 5m related to the cyberattack. Please note that we had not updated our figures following the preliminary announced figures from 20 January.</p><h3 class="bm-h3">Q4 thoughts</h3><p>Overall, the Q4 report was in line with the preliminary figures on EBIT, but 2% ahead on sales. The results show solid growth (+3% y-o-y), mainly driven by Lasernet (+12% y-o-y). However, costs were higher than expected and Formpipe has taken measures to gradually improve margins throughout 2025, mainly related to Lasernet (where headcount will be reduced by ~12 people). Nevertheless, SaaS ACV - one of the most important KPIs to track - was SEK 12.5m, up from SEK 11.0m in Q4'23, while delivery revenue continued to improve.</p><h3 class="bm-h3">Estimate changes and valuation</h3><p>Formpipe's share is -4% over L3M at is trading at 15x EV/EBIT on our unrevised 2025 estimates. Following the Q4 report, we expect consensus to lower '25e adj. EBIT by 5-10% on higher cost assumptions.</p></td></tr></table><a id="bm-comp-f5aa3bde-a263-4675-8a4d-d4584fe61bdc" name="bm-comp-f5aa3bde-a263-4675-8a4d-d4584fe61bdc" class="BMCustomAnchor"></a><table><tr><td bm-component-id="f5aa3bde-a263-4675-8a4d-d4584fe61bdc" style="vertical-align: top; width:100.000000%;"><table id="bm-img-760cf99d-bcaa-4ed7-b07a-0e61030d2c79" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Deviation table</td></tr><tr><td><img bm-img-encrypt="760cf99d-bcaa-4ed7-b07a-0e61030d2c79" bm-img-original-height="723" bm-img-original-width="824" bm-img-svg="image:image_upload/85549_40896566-9db0-4d79-98f7-70b02fec57c5.svg" bm-img-width-hint="100%" id="bm-id-760cf99d-bcaa-4ed7-b07a-0e61030d2c79" src="https://abgsc.bluematrix.com/images/image_upload/85549_40896566-9db0-4d79-98f7-70b02fec57c5_733.png" svg="/nas/web/clients/abgsc/images/image_upload/85549_40896566-9db0-4d79-98f7-70b02fec57c5.svg" width="726" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td></tr></table>