<a id="bm-comp-b20eb34f-2e40-4d86-9151-21738688262e" name="bm-comp-b20eb34f-2e40-4d86-9151-21738688262e" class="BMCustomAnchor"></a><table><tr><td bm-component-id="b20eb34f-2e40-4d86-9151-21738688262e" style="vertical-align: top; width:100.000000%;"><ul><li>Sales SEK 6.5m, EBIT SEK -16m (vs. ABGSCe 11m and -12m)</li><li>No machine deliveries in the quarter (in line with estimates)</li><li>Cash balance of SEK 31m (vs. ABGSCe 20m)</li></ul></td></tr></table><a id="bm-comp-d0681efd-3f0a-451f-8149-9845d8e2f678" name="bm-comp-d0681efd-3f0a-451f-8149-9845d8e2f678" class="BMCustomAnchor"></a><table><tr><td bm-component-id="d0681efd-3f0a-451f-8149-9845d8e2f678" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2 results</h3><p>Sales came in at SEK 6.5m (vs. ABGSCe 11m), -79% y-o-y. The low sales was due to no system deliveries in the quarter (in line with estimates). EBIT was SEK -16m (vs. ABGSCe -12m). Management writes that further cost measures have been implemented in the quarter. FCF lease adj. came in at SEK -18m (vs. ABGSCe -6m). The company ended the quarter with a cash balance of SEK 31m (vs. ABGCe 20m).</p><h3 class="bm-h3">Estimates and outlook</h3><p>On numbers alone, '25e-'27e sales change by -4%, and EBIT adj. changes by SEK -4m. On outlook, Impact Coatings guides for a doubled volume forecast for Coating Services during 2025 from FTXT. Management also writes that they are experiencing growth in the Chinese market despite an overall market downturn.</p><h3 class="bm-h3">Valuation</h3><p>The share has returned +39% L3M (vs. peer median +8% and OMX Stockholm Allshare +3%), and is currently trading at 4.0x-2.7x '25e-'27e EV/Sales on our pre-report estimates vs. the peer median of 0.9x-0.5x.</p></td></tr></table><a id="bm-comp-18a0f0ce-cbfd-4001-9700-2ad3dad12a58" name="bm-comp-18a0f0ce-cbfd-4001-9700-2ad3dad12a58" class="BMCustomAnchor"></a><table><tr><td bm-component-id="18a0f0ce-cbfd-4001-9700-2ad3dad12a58" style="vertical-align: top; width:100.000000%;"><table id="bm-img-12e21080-2574-4e1f-b1a8-1061c22b2baa" 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="12e21080-2574-4e1f-b1a8-1061c22b2baa" bm-img-original-height="529" bm-img-original-width="645" bm-img-svg="image:image_upload/89852_57038c69-5d42-4112-922e-20cf5cf9042a.svg" bm-img-width-hint="88.72%" id="bm-id-254cccfb-cc35-4686-80ac-784b976a8a75" src="https://abgsc.bluematrix.com/images/image_upload/89852_57038c69-5d42-4112-922e-20cf5cf9042a_645.png" svg="/nas/web/clients/abgsc/images/image_upload/89852_57038c69-5d42-4112-922e-20cf5cf9042a.svg" width="645" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier Estimates, Company Data</td></tr></table></td></tr></table>