<a id="bm-comp-b11610d6-86ca-487e-b277-0b32d1139bb1" name="bm-comp-b11610d6-86ca-487e-b277-0b32d1139bb1" class="BMCustomAnchor"></a><table><tr><td bm-component-id="b11610d6-86ca-487e-b277-0b32d1139bb1" style="vertical-align: top; width:100.000000%;"><ul><li>Orders +4%, sales +6%, adj. EBITA +15% vs. ABGSCe</li><li>Guides for 2.3-2.5bn sales and 6% margin in '26: in line</li><li>Strong report with recovery materialising as expected</li></ul></td></tr></table><a id="bm-comp-febc0f0f-9748-4693-b135-d4cc40d6d498" name="bm-comp-febc0f0f-9748-4693-b135-d4cc40d6d498" class="BMCustomAnchor"></a><table><tr><td bm-component-id="febc0f0f-9748-4693-b135-d4cc40d6d498" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q4 results</h3><p>Orders were down 9% y-o-y and 4% above our estimate. Sales grew 24% y-o-y and were 6% above our estimate. With a margin of 6.9%, 0.5pp above our estimate, EBITA adj. was 15% above our estimate. EBITA included non-recurring items with a negative margin impact of 1.0pp, pertaining mainly to restructuring costs in Enedo. Lease adj. FCF was 17m, bringing the R12m figure to 43m, i.e. 142% of net income. The strong results were driven by y-o-y improvements in both segments. There is a conference call at 09:00 CET: <a data-bm-trackable="false" href="https://www.inissiongroup.com/sv/webcasts-inission-ab/" target="_blank">webcast</a></p><h3 class="bm-h3">Estimate changes</h3><p>The Q4 numbers in isolation imply EBITA adj. comes up 5%. The company guided for sales of SEK 2.3-2.5bn with an EBITA margin >6% in '26, which can be compared to our estimates of 2.39bn with a margin of 6.8%. We consider this in line with our expectations as the margin target should likely be read as a lower limit.</p><h3 class="bm-h3">Company valuation</h3><p>Over the past three months, the share has returned +12%, compared to the Nordic EMS peer median of +7% and the +11% of the OMX Stockholm Allshare. The share is currently trading at 15x-9.0x '25e-'27e P/E, compared to its 10-year historical median of 13x-8.9x and peers at 22x-13x.</p></td></tr></table><a id="bm-comp-89df4642-0034-4a24-a4c4-bf9b8808011d" name="bm-comp-89df4642-0034-4a24-a4c4-bf9b8808011d" class="BMCustomAnchor"></a><table><tr><td bm-component-id="89df4642-0034-4a24-a4c4-bf9b8808011d" style="vertical-align: top; width:100.000000%;"><table id="bm-img-0e3bfe74-24de-412f-8a56-080e788fab07" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Outcome vs. estimates Q4'25</td></tr><tr><td><img bm-img-encrypt="0e3bfe74-24de-412f-8a56-080e788fab07" bm-img-original-height="768" bm-img-original-width="645" bm-img-svg="image:image_upload/94242_8c869af3-79aa-498d-9cb1-8fe798dd3082.svg" bm-img-width-hint="88.72%" id="bm-id-0e3bfe74-24de-412f-8a56-080e788fab07" src="https://abgsc.bluematrix.com/images/image_upload/94242_8c869af3-79aa-498d-9cb1-8fe798dd3082_645.png" svg="/nas/web/clients/abgsc/images/image_upload/94242_8c869af3-79aa-498d-9cb1-8fe798dd3082.svg" width="645" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier Estimates, Company Data</td></tr></table></td></tr></table>