<a id="bm-comp-04e9ebbe-8ee8-4930-ab05-d1f490a2b7fc" name="bm-comp-04e9ebbe-8ee8-4930-ab05-d1f490a2b7fc" class="BMCustomAnchor"></a><table><tr><td bm-component-id="04e9ebbe-8ee8-4930-ab05-d1f490a2b7fc" style="vertical-align: top; width:100.000000%;"><ul><li>Q3: Softer than expected, but back to growth</li><li>We cut our sales and adj. EBITA estimates</li><li>Share is trading at 11x-7x '25e-'26e EV/EBITA adj.</li></ul></td></tr></table><a id="bm-comp-48b335b4-e6eb-41b0-81e2-3e78028c91d4" name="bm-comp-48b335b4-e6eb-41b0-81e2-3e78028c91d4" class="BMCustomAnchor"></a><table><tr><td bm-component-id="48b335b4-e6eb-41b0-81e2-3e78028c91d4" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3" style="text-align:left;">Softer than expected</h3><p>Careium delivered solid sales in Q3, with organic growth of 9.4% compared to -8% in Q3'24 and -9% in Q2'25. The results on both sales and adj. EBIT were lower than we expected, but still represent a vast improvement from H1'25. The Nordics weighed on growth, down 14% y-o-y. Excluding the effect of financial leases, Careium commented that Q3 organic sales growth in the Nordics would have been 11%. The GM improved to 44.2%, 1.5pp over Q3'24, following increased overall efficiency coupled with a favourable sales mix. Adj. EBITA came in at SEK 19m, up 2% y-o-y, with a margin contraction of 0.4pp to 9%.</p><h3 class="bm-h3" style="text-align:left;">The year of tough comps is soon over</h3><p style="text-align:left;">2025 has so far faced tough comps, as Careium is moving away from financial lease contracts, which include up-front revenue. Starting in Q1'26, these up-front revenues will no longer be included in the comps to the same extent. Moving forward, recurring revenues will increase, which improves visibility. Moreover, we are encouraged by the seemingly positive trend in the underlying markets. That said, Q4'25e faces much tougher comps on both sales and earnings (compared to Q3). Careium reiterated its financial targets for '25e, where it calls for increased sales, profitability and cash flows. We believe that increased organic sales and FCF are within reach, but assess that raising adj. EBIT y-o-y will be difficult.</p><h3 class="bm-h3" style="text-align:left;"><font color="#1B2634">We cut sales and adj. EBITA estimates</font></h3><p><font color="#212529">We cut</font> <font color="#212529">'25e-'27e sales by ~1%</font> on the back of the report and <font color="#212529">u</font>pdated FX movements. '25e EBIT is downwardly revised by 11%, mainly due to the mechanical impact of the earnings miss, of which the majority was caused by an NRI and should not be fully extrapolated into '26e-'27e. We do, however, lower adj. EBITA by 5-2% following the report. <font color="#000000">On our updated estimates, the s</font><font color="#212529">hare is trading at 11x-7x</font> <font color="#212529">'25e-'26e EV/EBITA adj.</font></p></td></tr></table>