<a id="bm-comp-d9d86614-41d3-4db6-bc50-fd4882a5dc95" name="bm-comp-d9d86614-41d3-4db6-bc50-fd4882a5dc95" class="BMCustomAnchor"></a><table><tr><td bm-component-id="d9d86614-41d3-4db6-bc50-fd4882a5dc95" style="vertical-align: top; width:100.000000%;"><ul><li>Q2 sales on par with FY'24, below ABGSCe only on delivery timings</li><li>Deliveries likely pushed into H2, so limited impact on cons. estimates</li><li>Company views Q2 as a breakthrough, optimistic on structural trends</li></ul></td></tr></table><a id="bm-comp-8a06309e-d385-4c89-8055-c3697353d56f" name="bm-comp-8a06309e-d385-4c89-8055-c3697353d56f" class="BMCustomAnchor"></a><table><tr><td bm-component-id="8a06309e-d385-4c89-8055-c3697353d56f" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2 results</h3><p>Sales grew 691% y-o-y but were 35% below our estimate (8% below FactSet consensus). This was solely due to delivery timings, with four machines delivered in the quarter, compared to our expectation of six. The remaining two will very likely be delivered in H2 instead. As a result of this EBIT adj. was SEK 7.6m below our estimate (4.3m below consensus). Lease adj. FCF was -18m, bringing the R12m figure to -71m, i.e. 85% of net income. The company ended the quarter with a cash balance of 54m.</p><h3 class="bm-h3">Estimate changes</h3><p>We expect consensus EBIT adj. to come down by only a few SEKm despite the miss vs. consensus, since deliveries not completed in Q2 will likely be pushed into H2. With Q2 sales on par with FY'24 sales, the company considers the quarter a breakthrough, and remains optimistic on the structural growth trends for additive manufacturing.</p><h3 class="bm-h3">Company valuation</h3><p>Over the past three months, the share has returned +186%, compared to the peer median of +6% and the +3% of the OMX Stockholm Allshare. The share is currently trading at 6.8x-3.3x '25e-'27e EV/Sales, compared to its 10-year historical median of 6.0x-1.8x and peers at 0.9x-0.6x.</p></td></tr></table><a id="bm-comp-53f6401d-7c12-4a2a-97b4-8df1b80bd4f0" name="bm-comp-53f6401d-7c12-4a2a-97b4-8df1b80bd4f0" class="BMCustomAnchor"></a><table><tr><td bm-component-id="53f6401d-7c12-4a2a-97b4-8df1b80bd4f0" style="vertical-align: top; width:100.000000%;"><table id="bm-img-20a1558b-cde9-4ce9-bf34-1fc63606b1ad" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Outcome vs. estimates Q2'25</td></tr><tr><td><img bm-img-encrypt="20a1558b-cde9-4ce9-bf34-1fc63606b1ad" bm-img-original-height="572" bm-img-original-width="887" bm-img-svg="image:image_upload/89449_badca639-06c6-48a7-bf96-47cae6919da3.svg" bm-img-width-hint="100%" id="bm-id-20a1558b-cde9-4ce9-bf34-1fc63606b1ad" src="https://abgsc.bluematrix.com/images/image_upload/89449_badca639-06c6-48a7-bf96-47cae6919da3_727.png" svg="/nas/web/clients/abgsc/images/image_upload/89449_badca639-06c6-48a7-bf96-47cae6919da3.svg" width="727" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company Data, FactSet</td></tr></table></td></tr></table>