<a id="bm-comp-6ecfbccd-67df-4de1-91b6-9197414418fb" name="bm-comp-6ecfbccd-67df-4de1-91b6-9197414418fb" class="BMCustomAnchor"></a><table><tr><td bm-component-id="6ecfbccd-67df-4de1-91b6-9197414418fb" style="vertical-align: top; width:100.000000%;"><ul><li><font color="#000000">Q1 EBITDA NOK 10m vs ABGSCe NOK 4m</font></li><li><font color="#000000">Pricer transition temporary drag, offset by Vusion momentum</font></li><li><font color="#000000">Stronger gross margin to lift estimates somewhat</font></li></ul></td></tr></table><a id="bm-comp-e3b3c528-124f-432c-900d-0a1b871bc824" name="bm-comp-e3b3c528-124f-432c-900d-0a1b871bc824" class="BMCustomAnchor"></a><table><tr><td bm-component-id="e3b3c528-124f-432c-900d-0a1b871bc824" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3"><font color="#000000">Q1: EBITDA of NOK 10m vs ABGSCe NOK 4m</font></h3><p><font color="#000000">Sales were mostly flattish y-o-y, driven by strong growth in the UK & Ireland and Span, which grew 93% and 13%, respectivley. Other markets were generally down. Total revenues came in at NOK 342m, vs our NOK 356m. GP was +3% vs. our estimate, driven by a very strong gross margin of 45% (ABG 42.0%). EBITDA came in at NOK 10m vs. ABGSCe NOK 4m, on higher gross margin and 1% lower opex. The EBITDA margin landed at 2.9% (vs. ABGSCe 1.2%). This is flat y-o-y (Q1'25 2.9%). EPS came in at NOK -0.19 vs. ABGSCe NOK -0.16. Net debt came in at NOK 91m. No changes on outlook: StrongPoint states that they see continued improvement in both EBITDA and recurring revenue. The long term ambitions are healthy revenue growth and an EBITDA margin >10%.</font></p><h3 class="bm-h3" style="text-align:left;"><font color="#000000"><strong>Pricer transition temporary drag, offset by Vusion momentum</strong></font></h3><p style="text-align:left;"><font color="#000000">The phase-out of Pricer-related recurring revenue (NOK 52m in 2025) will weigh on near-term financials through 2026. However, the Vusion partnership has already delivered NOK 90m in installation revenue and NOK 19m gross profit in 2025, partially offsetting the ~NOK 26m gross profit lost from Pricer. Management views the transition as strategically positive, expanding the addressable market beyond traditional ESLs to include battery-less labels, shelf-edge cameras and retail media infrastructure, while enabling cross-selling and integrated picking solutions leveraging Vusion's capabilities.</font></p><p style="text-align:left;"><font color="#000000">Below we provide some recent highlights from the new partnership:</font></p><ul><li style="text-align:left;"><font color="#000000">Installation services growth in UK: Vusion ESL installation services in the UK grew +186% y-o-y in Q1, which was a driver of the 93% revenue growth in UK & Ireland and the 52% increase in UK service revenue.</font></li><li style="text-align:left;"><font color="#000000">Spain hardware traction: Spain's 13% revenue growth was driven primarily by Vusion ESL hardware sales (partially offset by lower CashGuard sales).</font></li><li style="text-align:left;"><font color="#000000">Quantified Pricer drag: The Pricer phase-out cost NOK 10m in recurring revenue in Q1 alone, with the full 52 MNOK base set to wind down to zero by end of 2026 (so ~10m/quarter is a reasonable run-rate assumption for the remaining drag).</font></li></ul><h3 class="bm-h3"><font color="#000000">Stronger gross margin to lift estimates somewhat</font></h3><p><font color="#000000">Stronger gross margin and slightly lower opex should mechanically lift FY estimates, partly offset by the somewhat softer topline. Net-net, we expect only modest changes to estimates.</font></p></td></tr></table>pagebreak <a id="bm-comp-462e7935-5ee5-426a-a330-8bea21087dcb" name="bm-comp-462e7935-5ee5-426a-a330-8bea21087dcb" class="BMCustomAnchor"></a><table><tr><td bm-component-id="462e7935-5ee5-426a-a330-8bea21087dcb" style="vertical-align: top; width:100.000000%;"><table id="bm-img-22fc139f-7c79-415f-b71d-9702c9101f0c" 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="22fc139f-7c79-415f-b71d-9702c9101f0c" bm-img-original-height="327" bm-img-original-width="896" bm-img-svg="image:image_upload/95815_ee46d929-3619-4c10-b13a-e11d18d362ee.svg" bm-img-width-hint="99.86%" id="bm-id-2fda76ab-3f1f-4dbf-8cfb-462991d8b7fa" src="https://abgsc.bluematrix.com/images/image_upload/95815_ee46d929-3619-4c10-b13a-e11d18d362ee_726.png" svg="/nas/web/clients/abgsc/images/image_upload/95815_ee46d929-3619-4c10-b13a-e11d18d362ee.svg" width="726" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company data</td></tr></table></td></tr></table>