<a id="bm-comp-f33b459f-58ed-44a0-9285-88e5d7113af3" name="bm-comp-f33b459f-58ed-44a0-9285-88e5d7113af3" class="BMCustomAnchor"></a><table><tr><td bm-component-id="f33b459f-58ed-44a0-9285-88e5d7113af3" style="vertical-align: top; width:100.000000%;"><ul><li><font color="#000000">'26e-'28e adj. EBITA down 24-13%</font></li><li><font color="#000000">Webstep issues weigh significantly on revenue</font></li><li><font color="#000000">Trading at NTM EV/EBITA of 6x</font></li></ul></td></tr></table><a id="bm-comp-be37812c-3663-4b9f-a441-5604c1720d52" name="bm-comp-be37812c-3663-4b9f-a441-5604c1720d52" class="BMCustomAnchor"></a><table><tr><td bm-component-id="be37812c-3663-4b9f-a441-5604c1720d52" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">A soft report due to drag from Webstep</h3><p>B3 missed our sales estimates by 6% in Q1, with negative organic growth of 13%. The Webstep AB acquisition continued to be a drag and accounted for most of the revenue decline, as ~70% of Webstep's revenues have been lost and roughly two-thirds of its FTEs have left. Excluding Webstep, the organic decline would have been just -0.8%. Adj. EBITA was SEK 13m, 44% below our expectation, at a margin of 4.3%. On the positive side, B3 Norway grew sales, driven by subcontractors, although profitability was held back by overhead costs. Poland declined 15% following two earlier customer losses but maintained a solid 10.5% EBITA margin.</p><h3 class="bm-h3">Cutting costs will likely benefit margins in H2e</h3><p>Following the soft report, we cut adj. EBITA by 24-13% for '26e-'28e. We have now seen 11 sequential quarters of organic sales decline, and although B3 remains challenged by a soft market, we think its cost-cutting strategy will benefit margins, likely in H2'26e. The Webstep drag will likely fade over the course of '26e, making comps easier next year.</p><h3 class="bm-h3">Now at 6x NTM EV/EBITA and below peers</h3><p>Based on our revised estimates, B3 is trading at 6x NTM EV/EBITA, which is ~30% below current peer multiples and ~35% below the historical average for Nordic IT services peers. With cost actions underway, easier comps ahead, and a stronger contract base, we see the company as being well positioned once the market stabilises.</p></td></tr></table>