<a id="bm-comp-414099c0-8959-4b2a-88d8-9ea92c49b7af" name="bm-comp-414099c0-8959-4b2a-88d8-9ea92c49b7af" class="BMCustomAnchor"></a><table><tr><td bm-component-id="414099c0-8959-4b2a-88d8-9ea92c49b7af" style="vertical-align: top; width:100.000000%;"><ul><li><font color="#000000">Seasonally weak quarter</font></li><li><font color="#000000">We cut '25e-'27e adj. EBITA by 2%</font></li><li><font color="#000000">Trading ~20% below current peers on <font color="#000000">'25e</font> EV/EBITA</font></li></ul></td></tr></table><a id="bm-comp-2d76511d-2839-40a9-88ed-8e6df431474c" name="bm-comp-2d76511d-2839-40a9-88ed-8e6df431474c" class="BMCustomAnchor"></a><table><tr><td bm-component-id="2d76511d-2839-40a9-88ed-8e6df431474c" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3"><font color="#000000">Q3: Built for the long term</font></h3><p><font color="#000000">Prevas will release its Q3'25 report on 24 October. We expect sales of SEK 351m, flat y-o-y growth, reflecting seasonal softness, as the holiday period typically weighs on activity across the consulting sector. We estimate organic growth at -3%, primarily due to fewer billable days and continued market slowdowns. We anticipate adj. EBITA of SEK 23m, implying an adj. EBITA margin of 7%. We continue to see defence and energy segments as solid growth areas. In Finland, market conditions appear to be gradually improving, supported by a solid order book and the integration of Enmac. The medtech acquisition in southern Sweden (OIM) was consolidated at the end of Q3, and we expect a minor positive impact on the result.</font></p><h3 class="bm-h3"><font color="#000000">Minor adjustments to estimates</font></h3><p><font color="#000000">We make minor changes to our estimates and cut '25e-'27e adj. EBITA by 2%, which reflects continued softness in market conditions. That said, we view this as a cyclical downturn rather than structural. When consultants are between projects, costs persist while revenue lags. We expect this effect to gradually normalise as demand stabilises and project onboarding accelerates in H1'26e. Furthermore, we believe that Finland (as well as core segments like defence and energy) will continue to strengthen Prevas' position.</font></p><h3 class="bm-h3"><font color="#000000">Trading below peers</font></h3><p><font color="#000000">Based on our revised estimates, Prevas is trading at 10-5x '25e-'27e EV/EBITA, which is ~20% below current peer multiples. Moreover, Prevas is trading ~15% below its historical EV/EBITA multiple. In our view, current earnings are cyclically depressed, and we do not believe the current margin profile reflects Prevas' long-term earnings capacity. As operational efficiencies begin to materialise and utilisation recovers, we see room for earnings expansion.</font></p></td></tr></table>