<a id="bm-comp-fd3705d8-658b-443e-8fec-3cd6f46efce5" name="bm-comp-fd3705d8-658b-443e-8fec-3cd6f46efce5" class="BMCustomAnchor"></a><table><tr><td bm-component-id="fd3705d8-658b-443e-8fec-3cd6f46efce5" style="vertical-align: top; width:100.000000%;"><ul><li><font color="#000000">Wins a SEK 280m contract, starting in Q1'26</font></li><li><font color="#000000">Pure software delivery, supporting a stronger margin profile</font></li><li><font color="#000000">Significant, positive mechanical impact to consensus sales estimates</font></li></ul></td></tr></table><a id="bm-comp-b04f9050-47cc-49d0-9f52-ec386d4f222d" name="bm-comp-b04f9050-47cc-49d0-9f52-ec386d4f222d" class="BMCustomAnchor"></a><table><tr><td bm-component-id="b04f9050-47cc-49d0-9f52-ec386d4f222d" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">A strategically important win</h3><p><font color="#000000">Clavister has been awarded a ~SEK 280m contract by the Norwegian Defence Materiel Agency, with options of ~SEK 15m. The project starts already in Q1'26, and it runs for ~3 years, adding an average of ~SEK 80-85m in sales per year during the delivery period. This is followed by a support and maintenance contribution thereafter of ~SEK 8m per year for four years. Importantly, the contract is based on Clavister's networking and security software, which does not include any partners or third-party vendors. We believe this should translate into mechanically higher gross margins compared to hardware sales.</font></p><h3 class="bm-h3">Nearly 30% uplift to consensus sales</h3><p><font color="#000000">We estimate that the contract mechanically adds nearly 30% to '26-'27 FactSet consensus sales, with a likely positive effect on EBIT margins given the favourable mix. We view this as a reference project that reinforces Clavister's credibility as a European supplier of critical network security.</font></p></td></tr></table>