<a id="bm-comp-a7e93f65-2eb6-404b-9d2f-9a5c591dff5a" name="bm-comp-a7e93f65-2eb6-404b-9d2f-9a5c591dff5a" class="BMCustomAnchor"></a><table><tr><td bm-component-id="a7e93f65-2eb6-404b-9d2f-9a5c591dff5a" style="vertical-align: top; width:100.000000%;"><ul><li>Orders +11% vs cons, sales +14% and adj. EBIT +32%</li><li>Europe is leading the way (+90% y-o-y), high activity remains</li><li>Estimates up 5-10%, stock a bit more</li></ul></td></tr></table><a id="bm-comp-3adf79a4-8859-4446-aa3d-8910db1b231e" name="bm-comp-3adf79a4-8859-4446-aa3d-8910db1b231e" class="BMCustomAnchor"></a><table><tr><td bm-component-id="3adf79a4-8859-4446-aa3d-8910db1b231e" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q4 details</h3><p>Sales SEK 684m (7% vs ABG 637m, 14% vs cons 599m). Adj. EBIT 224m (19% vs ABG 189m, 32% vs cons 170m). Adj. EBIT margin 32.8% (ABG 29.6%, cons 28.4%). Order intake SEK 660m (26% vs ABG 525m, 11% vs cons 593m). Organic sales growth 22% (ABG 15%, cons 10%), gross margin 59.8% (vs ABG 59.0%, cons 59.6%). DPS SEK 3.00 (9% vs ABG 2.76, 46% vs cons 2.05). OCF of SEK 55m (23m in Q4’24) is good.</p><h3 class="bm-h3">A strong end to the year</h3><p>A much better report than expected on basically all items. Europe leads the way in terms of sales and grew 90% y-o-y in Q4, while North America declined on a tough comp. Guides for high activity to continue for many years, customers looking for full-service solutions (which Invisio provides) and it is staffing up sales functions to capture market shares. The order beat is positive for sales volumes in 2026e.</p><h3 class="bm-h3">Estimates +5-10% share somewhat more</h3><p>We expect consensus to raise 2026e EBIT by 5-10% on the back of the order beat. Share to outperform at least similarly, after a weaker Q3. Conf call today at CET 15.00.</p></td></tr></table><a id="bm-comp-6bb37cf9-89c2-4c9e-9373-fb8bd32cddda" name="bm-comp-6bb37cf9-89c2-4c9e-9373-fb8bd32cddda" class="BMCustomAnchor"></a><table><tr><td bm-component-id="6bb37cf9-89c2-4c9e-9373-fb8bd32cddda" style="vertical-align: top; width:100.000000%;"><table id="bm-img-41259341-3747-4149-b0cf-efeba9ae8685" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Deviation</td></tr><tr><td><img bm-img-encrypt="41259341-3747-4149-b0cf-efeba9ae8685" bm-img-original-height="784" bm-img-original-width="717" bm-img-svg="image:image_upload/94035_a2b54846-6469-4cc2-92b6-8d4fe869e540.svg" bm-img-width-hint="65.75%" id="bm-id-41259341-3747-4149-b0cf-efeba9ae8685" src="https://abgsc.bluematrix.com/images/image_upload/94035_a2b54846-6469-4cc2-92b6-8d4fe869e540_478.png" svg="/nas/web/clients/abgsc/images/image_upload/94035_a2b54846-6469-4cc2-92b6-8d4fe869e540.svg" width="478" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Modular Finance consensus, company data</td></tr></table></td></tr></table>