<a id="bm-comp-8e6d36b1-fd4c-4261-bf26-c44395c5f5bb" name="bm-comp-8e6d36b1-fd4c-4261-bf26-c44395c5f5bb" class="BMCustomAnchor"></a><table><tr><td bm-component-id="8e6d36b1-fd4c-4261-bf26-c44395c5f5bb" style="vertical-align: top; width:100.000000%;"><ul><li>Q3e: Sales of SEK 580m and adj. EBITA margin of 7.3% (6.5%)</li><li>Power recovery continues alongside EMS momentum</li><li>Trading at 13/10x '26e/'28e P/E vs Nordic EMS peers</li></ul></td></tr></table><a id="bm-comp-6ebbbc54-ba8f-42d4-a70f-d93409f00913" name="bm-comp-6ebbbc54-ba8f-42d4-a70f-d93409f00913" class="BMCustomAnchor"></a><table><tr><td bm-component-id="6ebbbc54-ba8f-42d4-a70f-d93409f00913" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q3 expectations</h3><p>We expect Inission's order intake to continue to develop positively, for a R12m book-to-bill of 1.08 despite billings increasing in the last quarters, albeit at a slower pace than in H1. We expect Q3'26 sales of SEK 580m, up 9% y-o-y, driven by 7% organic growth and FX tailwinds of 2%. We forecast an adj. EBITA margin of 7.3% (6.5% Q3'25, 6.4% Q2'26). On a segment level, we expect Inission (EMS) sales of SEK 535m at a 7.0% adj. EBITA margin (7.6%) and Inission Power (OEM) sales of SEK 117m at a 4.0% margin (-7.4%), with Power's recovery continuing against weak comparables throughout H2. We expect defence and data centres to remain the strongest end-markets, consistent with the demand dynamics seen in H1. We note that larger defence orders tend to be project-driven, and some customers slowed in Q2 after a strong Q1, with activity expected to pick up and be supportive again in Q3. We do not expect the PCB disruptions in April and May to have a material impact on Q3, as Inission caught up on most of the shortfall in June and currently sees no further deterioration in lead times or prices.</p><h3 class="bm-h3">Minor estimate changes</h3><p>Following a change of analyst, we make only minor adjustments to segment margin assumptions, lowering '26e adj. EBITA by 0.6%.</p><h3 class="bm-h3">Trading at 13/10x '26e/'28e P/E</h3><p>The extensive order book, with average lead times of approximately six months, provides a reliable revenue visibility into H2. We continue to believe that there is upside to the guidance of monthly revenue of SEK 210-220 for FY26 sales of SEK 2,300-2,500m at a >6% adj. EBITA margin, with R12M sales of SEK 2,487m and a margin of 6.7%. We forecast SEK 2,599m at 6.8% for FY'26. The share is currently trading at 13/10x '26e/'28e P/E, versus Nordic EMS peers at 18x/14x.</p></td></tr></table>