<a id="bm-comp-b7085c27-7d00-44f4-abf4-f1c60c088034" name="bm-comp-b7085c27-7d00-44f4-abf4-f1c60c088034" class="BMCustomAnchor"></a><table><tr><td bm-component-id="b7085c27-7d00-44f4-abf4-f1c60c088034" style="vertical-align: top; width:100.000000%;"><ul><li><font color="#000000">CEO Martin Stenstr&#246;m held a general presentation</font></li><li><font color="#000000">Gaining more exposure to the defence sector</font></li><li><font color="#000000">Currently trading at 7x EV/EBITA, ~30% below avg. of peers</font></li></ul></td></tr></table><a id="bm-comp-8ca6a387-61b5-41ed-b590-248357db5da4" name="bm-comp-8ca6a387-61b5-41ed-b590-248357db5da4" class="BMCustomAnchor"></a><table><tr><td bm-component-id="8ca6a387-61b5-41ed-b590-248357db5da4" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Key takeaways from the presentation</h3><p><font color="#000000">Yesterday, Mr. Stenstr&#246;m highlighted the continued strength in B3's core segments. Banking remains the largest and strongest vertical (~18% of sales). Industry is showing growth despite a subdued cycle, while the public sector continues to provide stable demand. In Norway, the company recently acquired Habberstad and thus gained more exposure to defence sector through its relationship with Kongsberg Gruppen. Mr. Stenstr&#246;m also mentioned the recent secured agreement with SAAB, which we believe reflects momentum in the sector. The company's Poland business stands out, representing ~13% YTD sales but generating ~33% of group EBIT, which underlines its higher-margin nature. The local model, based on own-employed consultants, enables near-full utilisation (~100%), which we believe is unique for consultant companies, and obviously supports profitability. Utilisation in Sweden has improved, and B3 maintains a strong focus on recruitment to return to positive net hiring. Overall, utilisation is increasing and supported by international operations.</font></p><h3 class="bm-h3">Looking ahead to 2026</h3><p><font color="#000000">We believe the market will remain somewhat challenging in the coming quarters. Konsultkompaniet (a Swedish IT consultant broker), recently communicated that <a data-bm-trackable="false" href="https://www.konsultkompaniet.se/kommunicerat-2026/" target="_blank">fewer companies expect their own revenue to grow in 2026</a>. However, fewer expect declining sales, which likely points to most workforce reductions now being behind us. Overall, we believe B3 is well-positioned for '26e-'27e, and is currently trading at 7x EV/EBITA, ~30% below avg. peers.</font></p></td></tr></table>