<a id="bm-comp-1580fb7f-d115-44c9-9db1-35fc76edbd19" name="bm-comp-1580fb7f-d115-44c9-9db1-35fc76edbd19" class="BMCustomAnchor"></a><table><tr><td bm-component-id="1580fb7f-d115-44c9-9db1-35fc76edbd19" style="vertical-align: top; width:100.000000%;"><ul><li>Sales of SEK 72m (-5% vs. ABGSCe 76), a 35% y-o-y growth</li><li>Order book at a record, and ARR up 6%</li><li>Now with a solid foundation for the future</li></ul></td></tr></table><a id="bm-comp-540bf020-c75e-4de8-8181-16c9992e1b03" name="bm-comp-540bf020-c75e-4de8-8181-16c9992e1b03" class="BMCustomAnchor"></a><table><tr><td bm-component-id="540bf020-c75e-4de8-8181-16c9992e1b03" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q1'26 results</h3><p>Clavister reported Q1'26 sales of SEK 72m (-5% vs. ABGSCe 76m), implying 35% y-o-y growth, reflecting strong execution on the defence contracts. Last year's quarter also represented a tough comp due to a temporary boost from hardware deliveries. EBITDA came in at SEK 14m, slightly below our estimates, although the quarter included items affecting comparability of SEK 1.1m, implying an adjusted EBITDA of SEK 15m. We also note non-recurring costs of SEK 3.6m related to the Norwegian order, these are excluded from the company's adjusted EBITDA but, if added back, would imply an underlying EBITDA of ~SEK 19m.</p><h3 class="bm-h3">Delivery on track and a backlog at record levels</h3><p>ARR grew 6% y-o-y to SEK 142m, a stable growth rate, and worth keeping in mind that the recurring base remains a key growth pillar over time. The previously flagged delivery delays from Q4'25 also appear to have been partly resolved, which we view as a positive signal for delivery capacity going forward.</p><h3 class="bm-h3">Positive on the company story</h3><p>On our unrevised estimates, Clavister is trading at 18-8x EV/EBITDA for '26e-'27e. We remain positive on the company story and see Clavister continuing to deliver on important metrics, a strong order book, scaling profitability, and stable ARR growth. Management will host a presentation of the report CET 09.00 (<a data-bm-trackable="false" href="https://register.gotowebinar.com/register/7424364760654706519" target="_blank">link</a>).</p><table id="bm-img-19333268-9d10-466a-8000-e78e36b4ee83" 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="19333268-9d10-466a-8000-e78e36b4ee83" bm-img-original-height="519" bm-img-original-width="842" bm-img-svg="image:image_upload/96120_7951de4b-6a99-4779-bbf9-817b3f318b9d.svg" bm-img-width-hint="100%" id="bm-id-19333268-9d10-466a-8000-e78e36b4ee83" src="https://abgsc.bluematrix.com/images/image_upload/96120_7951de4b-6a99-4779-bbf9-817b3f318b9d_733.png" svg="/nas/web/clients/abgsc/images/image_upload/96120_7951de4b-6a99-4779-bbf9-817b3f318b9d.svg" width="727" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company data</td></tr></table></td></tr></table>