<a id="bm-comp-fb7b29db-39f2-4f0c-87c9-9ea365c8d26f" name="bm-comp-fb7b29db-39f2-4f0c-87c9-9ea365c8d26f" class="BMCustomAnchor"></a><table><tr><td bm-component-id="fb7b29db-39f2-4f0c-87c9-9ea365c8d26f" style="vertical-align: top; width:100.000000%;"><ul><li><font color="#000000">Q2e top line <font color="#000000">flat</font> q-o-q, EBITDA of NOK 3m</font></li><li><font color="#000000">Pricer transition a temporary drag, offset by Vusion momentum</font></li><li><font color="#000000">Fair value range of NOK 8-18 per share</font></li></ul></td></tr></table><a id="bm-comp-22fa8d6f-6a69-4c96-907e-ddae868f068e" name="bm-comp-22fa8d6f-6a69-4c96-907e-ddae868f068e" class="BMCustomAnchor"></a><table><tr><td bm-component-id="22fa8d6f-6a69-4c96-907e-ddae868f068e" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3" style="text-align:left;">Q2e EBITDA of NOK 3m</h3><p>Q1'26 delivered revenues of NOK 342m, with strong growth in UK & Ireland (+93%) and Spain (+13%) offset by weakness in Norway and Sweden (lower ESL deliveries and the Pricer/Vusion transition). We expect more of the same for Q2, and pencil in revenues of NOK 343m. We pencil in a gross margin of ~44%, which compares to ~45% in Q1'26. This yields EBITDA of NOK 3m. The key focus in '26 is the new partnership with Vusion, and we like that StrongPoint and Vusion have landed a contract to <a data-bm-trackable="false" href="https://newsweb.oslobors.no/message/672348" target="_blank">digitalise Coop Estonia</a> (EUR 8m contract, set to start H2'26). We view this as a validation of the partnership.</p><h3 class="bm-h3"><strong>Pricer transition temporary drag, offset by Vusion momentum</strong></h3><p>The Pricer recurring run-off will remain a headwind through '26: the rolling 12-month ESL licence and service base falls from NOK 52m at end-2025 to zero by end-2026, with a NOK 10m y-o-y hit already in Q1. The offset is coming but will take time. Vusion is a far broader platform than ESL alone, spanning EdgeSense, the Captana shelf-edge camera and retail media, and the Coop Estonia win is early proof. We expect recurring revenue to trough in '26, with the Vusion base scaling from H2.</p><h3 class="bm-h3">Pipeline building; fair value range of NOK 8-18 per share</h3><p>Q2 will not be a step-change quarter, but likely a stable one. The pipeline is building, with new contracts announced in '26 (Coop Estonia, Iceland Foods, NorgesGruppen, AutoStore projects, and <a data-bm-trackable="false" href="https://newsweb.oslobors.no/message/677616" target="_blank">a US order picking</a> project). The path to sustained profitability will have ups and downs, and the Sainsbury's rollout moving slower than expected is a reminder that large projects carry execution risk. That said, things seem to be slowly moving in the right direction for StrongPoint. Our DCF indicates an equity value of ~NOK 650m, and we see a fair value range of NOK 8-18 per share.</p></td></tr></table>