<a id="bm-comp-2e5d7cde-2475-4880-b867-ba92094cb3ff" name="bm-comp-2e5d7cde-2475-4880-b867-ba92094cb3ff" class="BMCustomAnchor"></a><table><tr><td bm-component-id="2e5d7cde-2475-4880-b867-ba92094cb3ff" style="vertical-align: top; width:100.000000%;"><ul><li><font color="#000000">Maintaining long-term partnerships</font></li><li><font color="#000000">Defence continues to be a fast-growing sector</font></li><li><font color="#000000">Trading ~20% below avg. peers for '26e</font></li></ul></td></tr></table><a id="bm-comp-ce308cf8-20c3-436c-9550-55e464b8dcce" name="bm-comp-ce308cf8-20c3-436c-9550-55e464b8dcce" class="BMCustomAnchor"></a><table><tr><td bm-component-id="ce308cf8-20c3-436c-9550-55e464b8dcce" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Overview of Prevas</h3><p><font color="#000000">Today at Investor Days, we hosted Prevas CEO Magnus Welén at ABGSC. Founded in 1985, Prevas is a technical consultancy company focused on product and production development. The company works closely with its customers, and has long-term partnerships with e.g. Hexagon. But the company's reach is broader than that, and its end markets include engineering, defence and energy. Its customers range from SAAB, ABB, Atlas Copco and Ericsson to Hitachi and Axis Communications.</font></p><h3 class="bm-h3">Key takeaways from the presentation</h3><p><font color="#000000">As Mr. Welén mentioned during the presentation, the company has undergone extensive changes over the past couple of years. This includes decentralising the organisation and increasing responsibility per FTE, which has improved profitability over time. Another key change is that Prevas has established and positioned itself as a Nordic player in the market (supported by last year's acquisition of Enmac). When discussing product development, Mr Welén highlighted a product developed together with PolarCool, which cools the brain after a concussion, reducing the risk of injury, which is one of ~15,000 products the company has developed in total. As also noted, the company holds licences from partners, providing recurring revenue.</font></p><h3 class="bm-h3">Looking ahead to 2026</h3><p><font color="#000000">Looking ahead, we believe 1) That the market in Denmark (~10% of sales) will continue to be challenging, as many large companies have laid off employees, creating an oversupply of engineers. We expect Prevas to continue adapting and adjusting its cost base in line with market demand. 2) In Finland, profitability was reached in Q3'25, following recent cost-cutting and stronger sales focus. However, we still believe the market will remain challenging in the near term. 3) In Sweden, Prevas has recently acquired OIM, strengthening its position in southern Sweden, particularly within the medtech division. Overall, the company continues to grow in the defence sector, up 33% y-o-y in Q3'25, a trend we expect to remain a key growth driver for the group. Prevas is trading at 8x EV/EBITA for '26e, which is ~20% below average peers.</font></p></td></tr></table>