<a id="bm-comp-dbfe6061-e690-46cc-b18c-efe90bf35a9f" name="bm-comp-dbfe6061-e690-46cc-b18c-efe90bf35a9f" class="BMCustomAnchor"></a><table><tr><td bm-component-id="dbfe6061-e690-46cc-b18c-efe90bf35a9f" style="vertical-align: top; width:100.000000%;"><ul><li><font color="#000000">Reports Q3 in line with pre-announced figures</font></li><li><font color="#000000">Seasonally weaker quarter, but 17% organic growth</font></li><li><font color="#000000">Est's to come down mid-single-digits on pre-announcement</font></li></ul></td></tr></table><a id="bm-comp-cc863b53-6857-419e-ab76-370ea3fa74b7" name="bm-comp-cc863b53-6857-419e-ab76-370ea3fa74b7" class="BMCustomAnchor"></a><table><tr><td bm-component-id="cc863b53-6857-419e-ab76-370ea3fa74b7" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q3'25 results</h3><p><font color="#000000">Clavister reported figures in line with the preliminary information published in October. Reported sales came in at SEK 50m (-6% vs. ABGSCe of SEK 54m on our unrevised numbers), implying a growth of 15% y-o-y (17% org.). The defence segment was the main growth driver, supported by the civil business. ARR increased 9% to SEK 138m, showcasing a strong civil base. EBITDA came in at SEK 13m, representing a strong margin of 25%, marking Clavister's highest EBITDA margin to date. Reported EBIT came in at SEK 2m, with a margin of 4%. Order intake declined by 9% y-o-y, but is highly impacted to timing of orders.</font></p><h3 class="bm-h3">Outlook and estimate changes</h3><p><font color="#000000">Q3 is typically seasonally weaker, with a more cautious investment climate, leading to decisions being postponed. Temporary delays in military hardware deliveries are now expected to shift into coming quarters. We believe these are timing-related rather than structural, and believe the company will achieve its ambition to reach 20% annual sales growth in '26e. We expect consensus to cut estimates by mid-single digit for '26e-'27e.</font></p><h3 class="bm-h3">Final thoughts</h3><p><font color="#000000">Q3 came in line with pre-announced figures. It was a tad below our expectations, but we think the outlook maintains largely unchanged</font><font color="#000000">. We believe Clavister remains well positioned for continued growth and margin improvement into '26e.</font></p><p><font color="#000000">Management will host a presentation of the report 9:00 CET</font> (<a data-bm-trackable="false" href="https://www.clavister.com/company/investor-relations/financial-reports/2025-2/" target="_blank">link</a>).</p><table id="bm-img-74d9d63a-c868-41e4-a1e9-6c9afbe112ab" 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="74d9d63a-c868-41e4-a1e9-6c9afbe112ab" bm-img-original-height="505" bm-img-original-width="842" bm-img-svg="image:image_upload/91732_b82df54d-10aa-40a4-a7c1-1a2bc83c678f.svg" bm-img-width-hint="100%" id="bm-id-85fb6ef4-f519-4014-b135-6d9d7e3befe3" src="https://abgsc.bluematrix.com/images/image_upload/91732_b82df54d-10aa-40a4-a7c1-1a2bc83c678f_727.png" svg="/nas/web/clients/abgsc/images/image_upload/91732_b82df54d-10aa-40a4-a7c1-1a2bc83c678f.svg" width="727" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company data</td></tr></table></td></tr></table>