<a id="bm-comp-9b56055a-6ed9-48c4-8963-49df42043bf1" name="bm-comp-9b56055a-6ed9-48c4-8963-49df42043bf1" class="BMCustomAnchor"></a><table><tr><td bm-component-id="9b56055a-6ed9-48c4-8963-49df42043bf1" style="vertical-align: top; width:100.000000%;"><ul><li>Q2 sales +3% and EBITDA +4% vs. ABGSCe</li><li>We raise EBITDA by 1-4% and EBIT by 4-8% for '26e-'27e</li><li>22-17x EV/EBITDA on '26e-'27e (61-32x EBIT)</li></ul></td></tr></table><a id="bm-comp-33eddfd7-a1f5-472c-8f40-9e64042e5dc9" name="bm-comp-33eddfd7-a1f5-472c-8f40-9e64042e5dc9" class="BMCustomAnchor"></a><table><tr><td bm-component-id="33eddfd7-a1f5-472c-8f40-9e64042e5dc9" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Profitability taking shape</h3><p>Clavister reported sales of SEK 55m (+3% vs. ABGSCe of SEK 53m), implying a solid growth of 22% y-o-y (25% org.). The civil business remained a key driver of growth, supporting a 9% y-o-y growth in ARR to SEK 137m. The gross margin improved to 81% (79%), reflecting a sales mix more tilted towards software. Reported EBIT came in at SEK -5m (-7m), in line with our expectations, affected by continued investments in sales, marketing and IAM integration. While these costs held back margins in the quarter, we believe this will support long-term profitable growth. EBITDA was also relatively in line with our expectations (SEK 7m, +4% vs ABGSCe of SEK 6m), for a 12% margin (12%). However, adjusted for one-offs, the EBITDA was SEK 9m (16% margin), which highlights continued solid scale effects. The incremental adj. EBITDA margin was 34%, which we think paints a better picture of the underlying economics.</p><h3 class="bm-h3">Raising long-term estimates on new partnerships</h3><p>We raise our sales by 3-4% for '26e-'27e on the back of a solid report, and the recently announced product launch with SAAB, which we believe could start generating orders in 2026. This translates into 4-8% higher EBIT on '26e-'27e (+1-4% EBITDA) due to operating leverage. We remain optimistic about a further acceleration in defence-related revenue in the coming years, and expect growth in this area to accelerate in the coming quarters and years, just based on the already announced orders and partnerships.</p><h3 class="bm-h3">Valuation reflects scaling potential</h3><p>Clavister is now trading at 34-17x EV/EBITDA for '25e-'27e on our revised estimates. We continue to expect the company to reach positive EBIT in H2'25. With growing momentum in Defence, and now strengthened by its new partnership with SAAB, and other new product launches, we believe Clavister is well positioned to scale.</p></td></tr></table>