<a id="bm-comp-a3375dd1-c888-43ce-97df-4d3ae48a8c8c" name="bm-comp-a3375dd1-c888-43ce-97df-4d3ae48a8c8c" class="BMCustomAnchor"></a><table><tr><td bm-component-id="a3375dd1-c888-43ce-97df-4d3ae48a8c8c" style="vertical-align: top; width:100.000000%;"><ul><li>Orders grow 25%, sales 14%, adj. EBITA margin up 0.8pp</li><li>Enedo still struggling, but profit from Q1; good momentum in Inission</li><li>34% adj. EPS CAGR in '25e-'27e supported by R12m b-t-b of 1.18x</li></ul></td></tr></table><a id="bm-comp-cfcf3ca4-0a9c-4c26-9df1-172c26aa06aa" name="bm-comp-cfcf3ca4-0a9c-4c26-9df1-172c26aa06aa" class="BMCustomAnchor"></a><table><tr><td bm-component-id="cfcf3ca4-0a9c-4c26-9df1-172c26aa06aa" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Clear improvements in Q3</h3><p>Inission's Q3 demonstrated both q-o-q and y-o-y improvements. Order intake grew 25% and sales 14% (9% M&A), with a book-to-bill of 1.09x. The adj. EBITA margin improved 0.8pp y-o-y, reaching 6.5%, when adjusting for SEK 3.7m in personnel reduction costs in Enedo and SEK 2.3m in IT costs (in our fast comment we only adjusted for the former). Adj. EBITA was thereby 2% below our estimate. As anticipated, the Inission segment drove the improvement, growing 28% y-o-y and reaching an adj. EBITA margin of 8.2% (6.3%). Enedo meanwhile still faced tough comps after the demand reset in the segment, shrinking 29% y-o-y and delivering an adj. EBITA margin of -2.9% (3.8%).</p><h3 class="bm-h3">Operational trough behind us</h3><p>Enedo is still struggling, but cost reductions have now been implemented, and while there will be SEK ~3.5m in one-off costs for this in Q4'25 as well, management expects it will return to profitability in Q1'26. Meanwhile, the Inission segment has clearly already started improving. Management expects the trough is now behind us, and given the strong R12m book-to-bill of 1.18x, we agree. We raise '26e-'27e adj. EBITA by 5-7%, as our confidence in margin improvement has increased.</p><h3 class="bm-h3">Significant EPS growth in '26e-'27e</h3><p>With strong organic growth in the Inission segment, and a clear path to profitability in Enedo given the implemented cost saving measures and a strong book-to-bill of 1.3x YTD in the segment, we forecast a significant earnings recovery in the coming two years, as adj. EPS looks set to go from SEK 3.0 in '25e to SEK 4.8/5.4 in '26e/'27e. The share is currently trading at 9x-8x '26e-'27e P/E, compared to its 10-year historical median of 10x-9x and peers at 15x-12x.</p></td></tr></table>