<a id="bm-comp-450c793d-887e-4e7c-8fd6-2c28879dc5d5" name="bm-comp-450c793d-887e-4e7c-8fd6-2c28879dc5d5" class="BMCustomAnchor"></a><table><tr><td bm-component-id="450c793d-887e-4e7c-8fd6-2c28879dc5d5" style="vertical-align: top; width:100.000000%;"><ul><li><font color="#000000">Sales +1% and adj. EBITA +29% vs ABGSCe</font></li><li><font color="#000000">Strong within defence and cybersecurity</font></li><li><font color="#000000">Consensus EBITA likely down up mid single-digits</font></li></ul></td></tr></table><a id="bm-comp-5ca31274-701b-4eb4-9fcb-502f370bcdd1" name="bm-comp-5ca31274-701b-4eb4-9fcb-502f370bcdd1" class="BMCustomAnchor"></a><table><tr><td bm-component-id="5ca31274-701b-4eb4-9fcb-502f370bcdd1" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q3'25 details</h3><p><font color="#000000">Prevas reports Q3'25 sales of SEK 355m (1% vs. ABGSCe 351m), and organic growth of -1%, with a notable contribution from Finland. Reported adj. EBITA came in at SEK 30m (29% vs. ABGSCe 23m), with an adj. EBITA margin of 8%, supported by improved delivery mix, higher project share, and efficiency gains following earlier restructuring.</font></p><h3 class="bm-h3">Momentum building in core segments</h3><p><font color="#000000">Market sentiment remains cautious, but key segments such as defence and cybersecurity continue to grow, with defence sales up 33% y-o-y. Finnish market continues to strengthen, supported by larger projects and a higher proportion of project deliveries contributing to margins.</font></p><h3 class="bm-h3">Positive consensus estimate revisions</h3><p><font color="#000000">Prevas is trading at ~7x '26e EV/EBITA on our unrevised estimates. Based on our initial impression of the report, we expect consensus adj. EBITA to mechanically come up by mid single-digits.</font></p><table id="bm-img-58556082-6841-4352-bb20-883ea3526cfa" 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="58556082-6841-4352-bb20-883ea3526cfa" bm-img-original-height="220" bm-img-original-width="606" bm-img-svg="image:image_upload/91357_bd1735f0-8c5c-4a56-ade7-e3787e50f82a.svg" bm-img-width-hint="83.36%" id="bm-id-58556082-6841-4352-bb20-883ea3526cfa" src="https://abgsc.bluematrix.com/images/image_upload/91357_bd1735f0-8c5c-4a56-ade7-e3787e50f82a_606.png" svg="/nas/web/clients/abgsc/images/image_upload/91357_bd1735f0-8c5c-4a56-ade7-e3787e50f82a.svg" width="606" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company data</td></tr></table></td></tr></table>