<a id="bm-comp-689f5fdf-9fbf-4915-a015-512268218f28" name="bm-comp-689f5fdf-9fbf-4915-a015-512268218f28" class="BMCustomAnchor"></a><table><tr><td bm-component-id="689f5fdf-9fbf-4915-a015-512268218f28" style="vertical-align: top; width:100.000000%;"><ul><li><font color="#000000">A stable quarter with solid EBITDA</font></li><li><font color="#1B2634"><font color="#000000">One step back at Sainsbury's, a leap into the US</font></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-710b8663-47e8-42e6-8605-c5cb02e37d05" name="bm-comp-710b8663-47e8-42e6-8605-c5cb02e37d05" class="BMCustomAnchor"></a><table><tr><td bm-component-id="710b8663-47e8-42e6-8605-c5cb02e37d05" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3" style="text-align:left;"><font color="#000000">A stable quarter with solid EBITDA</font></h3><p><font color="#000000">Q2 delivered revenues of NOK 342m, -2% y-o-y (ABGSCe NOK 343m). Growth was s<font color="#000000">trong</font> in UK & Ireland (+25% y-o-y) and Spain (+35%), while the Nordics fell 22% on the ESL partner transition. GM came in at 42.7% vs. our 44%, yielding gross profit ~3% below us. EBITDA landed at NOK 5m (ABGSCe NOK 3m), but note that this includes a NOK 4m one-off, i.e adj. EBITDA was NOK 9m and the adj. margin 2.6% (vs. ABGSCe 0.9%). Clean opex was ~7% better than forecast, which we view as impressive. Disposable funds increased to NOK 98m on stronger cash flows and net debt fell to NOK 57m (NOK 91m in Q1).</font></p><h3 class="bm-h3" style="text-align:left;"><font color="#000000">One step back at Sainsbury's, a leap into the US</font></h3><p><font color="#000000">Order Picking performance remains mixed: Sainsbury's is rolling out slower than planned, and the two sides have agreed a temporary cut to the volume commitment, which weighs on near-term licence revenue. Against this, StrongPoint has got its first taste of the American dream with its first US Order Picking customer, marking a breakthrough into the largest Western grocery market. Focus lies on cost savings initiatives and converting signed Order Picking agreements into recurring revenue. The Pricer recurring run-off will remain a headwind through '26: the rolling 12-month ESL licence and service base will fall from NOK 52m at end-2025 to zero by end-2026, with the Vusion offset building over time.</font></p><h3 class="bm-h3"><font color="#000000">Fair value range of NOK 8-18 per share</font></h3><p><font color="#000000">Q2 was a stable quarter, with flattish revenue and an EBITDA beat on lower opex. The pipeline is building - Meijer, Coop Estonia, AutoStore contracts and a new CashGuard Connect pilot in Spain. The path to sustained profitability will have ups and downs, but the overall direction is positive. Our DCF indicates an equity value of ~NOK 650m, and we see a fair value range of NOK 8-18.</font></p></td></tr></table>