<a id="bm-comp-fe5adf45-75a2-4bdf-81e3-d36d19f16ff0" name="bm-comp-fe5adf45-75a2-4bdf-81e3-d36d19f16ff0" class="BMCustomAnchor"></a><table><tr><td bm-component-id="fe5adf45-75a2-4bdf-81e3-d36d19f16ff0" style="vertical-align: top; width:100.000000%;"><ul><li>Orders +8%, sales +1%, adj. EBITA -9% vs. ABGSCe</li><li>Sees recovery amongst customers, Enedo profitable from Q1</li><li>14% organic growth and margin expansion in Inission segment</li></ul></td></tr></table><a id="bm-comp-ec595089-563e-4bcc-a08e-9c730204c4db" name="bm-comp-ec595089-563e-4bcc-a08e-9c730204c4db" class="BMCustomAnchor"></a><table><tr><td bm-component-id="ec595089-563e-4bcc-a08e-9c730204c4db" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q3 results</h3><p>Orders were up 24% y-o-y and 8% above our estimate, continuing to show strength after three quarters of solid order growth. Sales grew 14% y-o-y and were 1% above our estimate. With a margin of 6.1%, 0.7pp below our estimate, EBITA adj. was 9% below our estimate. EBITA included non-recurring items with a negative margin impact of 0.7pp pertaining to cost saving measures in Enedo, which have now been concluded. The Inission segment performed well, growing 14% organically and increasing its adj. EBITA margin by 1.4pp y-o-y, while Enedo continued to struggle. There is a conference call at 09:00 CET: <a data-bm-trackable="false" href="https://www.inissiongroup.com/sv/webcasts-inission-ab/" target="_blank">webcast</a></p><h3 class="bm-h3">Estimate changes</h3><p>The Q3 numbers in isolation imply EBITA adj. comes down 2%. Management states that it sees a clear recovery amongst customers in both segments, and expects Enedo will be back to profitability in Q1 now that the organisational changes have been concluded.</p><h3 class="bm-h3">Company valuation</h3><p>While adj. EBITA was 9% below our estimate, orders were good and sales in line, and we think that the more important takeaway from the report was the significant y-o-y improvement in the Inission segment and management's forecast of positive EBIT in Enedo from Q1. Over the past three months, the share has returned +12%, compared to the Nordic EMS peer median of -1% and the +5% of the OMX Stockholm Allshare. The share is currently trading at 14x-8.4x '25e-'27e P/E, compared to its 10-year historical median of 13x-8.7x and peers at 18x-12x.</p></td></tr></table><a id="bm-comp-e73015a6-9f73-4eb1-923c-1ee41c82ba74" name="bm-comp-e73015a6-9f73-4eb1-923c-1ee41c82ba74" class="BMCustomAnchor"></a><table><tr><td bm-component-id="e73015a6-9f73-4eb1-923c-1ee41c82ba74" style="vertical-align: top; width:100.000000%;"><table id="bm-img-4e778452-64f3-436b-93ab-fec0ea360809" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Outcome vs. estimates Q3'25</td></tr><tr><td><img bm-img-encrypt="4e778452-64f3-436b-93ab-fec0ea360809" bm-img-original-height="768" bm-img-original-width="645" bm-img-svg="image:image_upload/91827_f90858ec-55cb-406f-9c0f-b4ce060e0174.svg" bm-img-width-hint="88.72%" id="bm-id-4e778452-64f3-436b-93ab-fec0ea360809" src="https://abgsc.bluematrix.com/images/image_upload/91827_f90858ec-55cb-406f-9c0f-b4ce060e0174_645.png" svg="/nas/web/clients/abgsc/images/image_upload/91827_f90858ec-55cb-406f-9c0f-b4ce060e0174.svg" width="645" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier Estimates, Company Data</td></tr></table></td></tr></table>