<a id="bm-comp-c3adb5c3-9ecc-4d37-bf44-d45483e293a4" name="bm-comp-c3adb5c3-9ecc-4d37-bf44-d45483e293a4" class="BMCustomAnchor"></a><table><tr><td bm-component-id="c3adb5c3-9ecc-4d37-bf44-d45483e293a4" style="vertical-align: top; width:100.000000%;"><ul><li>Sales -SEK 9m, EBITDA +SEK 0.3m vs. ABGSCe</li><li>'26e-'28e EBITDA estimates likely up</li><li>Share to focus on the margin improvements</li></ul></td></tr></table><a id="bm-comp-7b8b9b55-b5f5-456e-be85-9b302110df19" name="bm-comp-7b8b9b55-b5f5-456e-be85-9b302110df19" class="BMCustomAnchor"></a><table><tr><td bm-component-id="7b8b9b55-b5f5-456e-be85-9b302110df19" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q1 details</h3><p>Tempest delivered a Q1 report with both sales and EBITDA y-o-y growth. Sales came in at SEK 146m (-9% vs. ABGSCe at SEK 155m), +11% y-o-y, driven by Guarding, and partly offset by Risk Solutions. EBITDA grew by SEK 3m y-o-y to SEK 4.6m (+0.3m, vs. ABGSCe at SEK 4.3m), for a margin of 3.2% (ABGSCe 2.8%, 1.2% Q1'25) driven by both Guarding and Risk Solutions. Looking at y-o-y development, we see positive progress in both Guarding and Risk Solutions. Guarding, the largest segment, continued to show improvements as a result of the internal work done in 2025, with management noting good momentum in the SOC business.</p><h3 class="bm-h3">Estimate changes and outlook</h3><p>Looking ahead, management is not providing a formal outlook. However, they acknowledge that the focus remains on increasing internal efficiency and cost control following a period of organisational streamlining. We consider Tempest's positive internal development to be a sign that the company is taking important steps in the right direction. We expect estimates for '26e-'28e adj. EBITDA to come up.</p><h3 class="bm-h3">Final thoughts</h3><p>A report in the right direction with sales and profitability growth. The share has outperformed the broader market into numbers (+1% YTD vs. OMXSGI -2%). We believe that the market will recognise stabilisation of the business and the margin improvements resulting from Tempest's hard internal work.</p></td></tr></table>pagebreak <a id="bm-comp-37a11514-51c2-462d-9f17-9da3ff97df23" name="bm-comp-37a11514-51c2-462d-9f17-9da3ff97df23" class="BMCustomAnchor"></a><table><tr><td bm-component-id="37a11514-51c2-462d-9f17-9da3ff97df23" style="vertical-align: top; width:100.000000%;"><table id="bm-img-463fad0d-a740-472f-851f-f344c07fcd87" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Outcome vs. expectations</td></tr><tr><td><img bm-img-encrypt="463fad0d-a740-472f-851f-f344c07fcd87" bm-img-original-height="440" bm-img-original-width="730" bm-img-svg="image:image_upload/96407_b72383f4-d8ff-4dc3-9df8-3b033ab6dffa.svg" bm-img-width-hint="100%" id="bm-id-2226d53b-33e9-4c0a-86f0-d0ab36fb7985" src="https://abgsc.bluematrix.com/images/image_upload/96407_b72383f4-d8ff-4dc3-9df8-3b033ab6dffa_727.png" svg="/nas/web/clients/abgsc/images/image_upload/96407_b72383f4-d8ff-4dc3-9df8-3b033ab6dffa.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>