<a id="bm-comp-333f0738-3182-4487-9101-4fc90938bd7e" name="bm-comp-333f0738-3182-4487-9101-4fc90938bd7e" class="BMCustomAnchor"></a><table><tr><td bm-component-id="333f0738-3182-4487-9101-4fc90938bd7e" style="vertical-align: top; width:100.000000%;"><ul><li><font color="#000000">Sales of SEK 432m, organic decline of 2%</font></li><li><font color="#000000">Adj. EBITA of SEK 35m, and a margin of 8%</font></li><li><font color="#000000">Continued demand within defence and cybersecurity</font></li></ul></td></tr></table><a id="bm-comp-82b64895-03c9-4196-a75b-b47daf25ce2b" name="bm-comp-82b64895-03c9-4196-a75b-b47daf25ce2b" class="BMCustomAnchor"></a><table><tr><td bm-component-id="82b64895-03c9-4196-a75b-b47daf25ce2b" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q4'25 details</h3><p>Prevas reports Q4'25 sales of SEK 432m (1% vs. ABGSCe 430m), and organic decline of -2%. Reported adj. EBITA came in at SEK 35m (18% vs. ABGSCe 29m), with an adj. EBITA margin of 8%. The margin continues to be stable due to the company's sales focus, cost discipline, and continued workforce adjustments. The company proposes a DPS of SEK 4.00.</p><h3 class="bm-h3">Continued cost efforts</h3><p>Market sentiment for Prevas shows signs of improvement. Demand remains strong in segments such as defence and cybersecurity, with defence in particular continuing to grow and now stands for ~20% of total sales. Denmark remains challenging, with sales down ~20% y-o-y, which is broadly in line with expectations. Finland continued to perform well, delivering ~20% organic growth y-o-y. Sweden remained broadly flat, with sales of SEK 319m.</p><h3 class="bm-h3">Valuation</h3><p><font color="#000000">Prevas is trading 10-7x on '26e-'27e EV/EBITA on our unrevised estimates. Conference call at CET 09.30 (<a data-bm-trackable="false" href="https://www.finwire.tv/webcast/prevas/q4-2025/" target="_blank">link</a>).</font></p><table id="bm-img-6aeb9b9a-4654-4d19-bbf3-5d8b3c098062" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Deviation table</td></tr><tr><td><img bm-img-encrypt="6aeb9b9a-4654-4d19-bbf3-5d8b3c098062" bm-img-original-height="233" bm-img-original-width="606" bm-img-svg="image:image_upload/93877_7fd9e79a-66a0-45b8-b20d-0d66e9f93b8d.svg" bm-img-width-hint="83.36%" id="bm-id-58556082-6841-4352-bb20-883ea3526cfa" src="https://abgsc.bluematrix.com/images/image_upload/93877_7fd9e79a-66a0-45b8-b20d-0d66e9f93b8d_606.png" svg="/nas/web/clients/abgsc/images/image_upload/93877_7fd9e79a-66a0-45b8-b20d-0d66e9f93b8d.svg" width="606" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company data</td></tr></table></td></tr></table>