<a id="bm-comp-460e0e23-1bdf-429c-a6b4-22fedc6dc0a8" name="bm-comp-460e0e23-1bdf-429c-a6b4-22fedc6dc0a8" class="BMCustomAnchor"></a><table><tr><td bm-component-id="460e0e23-1bdf-429c-a6b4-22fedc6dc0a8" style="vertical-align: top; width:100.000000%;"><ul><li><font color="#000000">~SEK 26m defence order announced earlier today</font></li><li><font color="#000000">Backlog of ~SEK 390m</font></li><li><font color="#000000">Provides additional visibility</font></li></ul></td></tr></table><a id="bm-comp-708ec75b-5df0-4555-acce-6a559a527a0f" name="bm-comp-708ec75b-5df0-4555-acce-6a559a527a0f" class="BMCustomAnchor"></a><table><tr><td bm-component-id="708ec75b-5df0-4555-acce-6a559a527a0f" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3"><font color="#000000"><strong>New defence order worth ~SEK 26m</strong></font></h3><p><font color="#000000">Clavister has received an order worth ~SEK 26m from BAE Systems H&#228;gglunds for its CyberArmour solution, to be integrated into additional CV90 vehicles for a Nordic nation. Given the timing and scope, we believe this order is linked to Denmark's new CV90 contract with BAE Systems (announced on 21 November), which includes 44 additional CV90s, <a data-bm-trackable="false" href="https://www.baesystems.com/en/article/bae-systems-awarded-contract-to-deliver-44-additional-cv90-infantry-fighting-vehicles-to-denmark" target="_blank">link here</a>. We see this as positive, as CyberArmour is already integrated into the CV90s, enabling a scalable revenue stream as new orders are placed. Deliveries are likely to be scheduled between '27e and '30e.</font></p><h3 class="bm-h3"><font color="#000000"><strong>Defence keeps growing</strong></font></h3><p><font color="#000000">The total backlog for Clavister in Q3 was ~SEK 360m, amounting to ~SEK 390m with the new order.</font> <font color="#000000"><font color="#000000">Assuming ~40-50% gross margins, and the fact that Clavister</font> requires few new investments to deliver on the contracts, we see high incremental cash flow potential from the current defence pipeline.</font></p><h3 class="bm-h3"><font color="#000000">Helps de-risk consensus estimates</font></h3><p><font color="#000000">With deliveries likely to be scheduled in '27e-'30e, orders of this kind generally help de-risk FactSet consensus estimates. Typically, estimates reflect metrics two to three years in the future, and for companies such as Clavister, with long contracts, these types of contracts help provide incremental visibility to both sales and earnings.</font></p></td></tr></table>