<a id="bm-comp-992c8da4-cfb4-4c09-b70d-329b4cff28cb" name="bm-comp-992c8da4-cfb4-4c09-b70d-329b4cff28cb" class="BMCustomAnchor"></a><table><tr><td bm-component-id="992c8da4-cfb4-4c09-b70d-329b4cff28cb" style="vertical-align: top; width:100.000000%;"><ul><li>New SEK 39m order from its newest NATO customer</li><li>Mobile satellite terminals, deliveries in Q4'26-Q1'27</li><li>Customer expands use; good near-term outlook</li></ul></td></tr></table><a id="bm-comp-c5654e48-296f-4400-b397-b9cc254375c0" name="bm-comp-c5654e48-296f-4400-b397-b9cc254375c0" class="BMCustomAnchor"></a><table><tr><td bm-component-id="c5654e48-296f-4400-b397-b9cc254375c0" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">A supplementary order from the newest NATO customer</h3><p>Ovzon has received a SEK 39m (USD 3.9m) order from its newest NATO customer, won in July 2026 (worth SEK 40m). The order is for additional mobile satellite terminals, and will run on the existing satellite service. Deliveries are planned for Q4'26-Q1'27.</p><h3 class="bm-h3">Small, but a good sign</h3><p>The order is small, and it is mostly hardware. Still, it is welcome, and it shows the customer is expanding use of the platform only a few months after the first deal. The new terminals run on the existing service, so we see this as a sign of broader use over time. Q3 was likely the trough, and we expect Q4e to show strong sequential progress (albeit chiefly driven by Terminals sales). The stock is trading at 14x &#8216;26e EV/EBIT on our latest estimates.</p></td></tr></table><a id="bm-comp-744f6905-31c0-48ab-af8d-d86a38b20a17" name="bm-comp-744f6905-31c0-48ab-af8d-d86a38b20a17" class="BMCustomAnchor"></a><table><tr><td bm-component-id="744f6905-31c0-48ab-af8d-d86a38b20a17" style="vertical-align: top; width:100.000000%;"><table id="bm-img-b3f8996d-eb37-4456-b294-226829fb366e" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Sales, quarterly (SEKm)</td></tr><tr><td><img bm-img-encrypt="b3f8996d-eb37-4456-b294-226829fb366e" bm-img-original-height="362" bm-img-original-width="794" bm-img-svg="image:image_upload/99835_1fd9f813-7266-40e7-a8f5-1ab19d8507b2.svg" bm-img-width-hint="95.46%" id="bm-id-147fd219-e303-436c-b072-a789ff39d471" src="https://abgsc.bluematrix.com/images/image_upload/99835_1fd9f813-7266-40e7-a8f5-1ab19d8507b2_694.png" svg="/nas/web/clients/abgsc/images/image_upload/99835_1fd9f813-7266-40e7-a8f5-1ab19d8507b2.svg" width="694" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td></tr></table><a id="bm-comp-aa208add-5b70-4a7f-9a23-d25b2d3e8fad" name="bm-comp-aa208add-5b70-4a7f-9a23-d25b2d3e8fad" class="BMCustomAnchor"></a><table><tr><td bm-component-id="aa208add-5b70-4a7f-9a23-d25b2d3e8fad" style="vertical-align: top; width:100.000000%;"><table id="bm-img-6fc780e2-ff14-4f3e-a552-21deb90a28c2" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Sales breakdown (SEKm)</td></tr><tr><td><img bm-img-encrypt="6fc780e2-ff14-4f3e-a552-21deb90a28c2" bm-img-original-height="362" bm-img-original-width="794" bm-img-svg="image:image_upload/99835_bbef6eb5-51d9-4d70-8486-c608ce5366c2.svg" bm-img-width-hint="100%" draggable="false" id="bm-id-ca641272-c5e8-48b7-9076-2a36c0892715" src="https://abgsc.bluematrix.com/images/image_upload/99835_bbef6eb5-51d9-4d70-8486-c608ce5366c2_694.png" svg="/nas/web/clients/abgsc/images/image_upload/99835_bbef6eb5-51d9-4d70-8486-c608ce5366c2.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><a id="bm-comp-f314e4fd-6f37-48e3-82e7-c80a898fd1bf" name="bm-comp-f314e4fd-6f37-48e3-82e7-c80a898fd1bf" class="BMCustomAnchor"></a><table><tr><td bm-component-id="f314e4fd-6f37-48e3-82e7-c80a898fd1bf" style="vertical-align: top; width:100.000000%;"><table id="bm-img-9c2d6c12-ae36-456e-b76e-54278e9207bd" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Net sales (SEKm) and EBIT margins</td></tr><tr><td><img bm-img-encrypt="9c2d6c12-ae36-456e-b76e-54278e9207bd" bm-img-original-height="362" bm-img-original-width="794" bm-img-svg="image:image_upload/99835_2358c52b-7759-4128-aab2-e3a606f20f32.svg" bm-img-width-hint="100%" id="bm-id-4e3ec479-fb39-4882-9f75-6cdb67347940" src="https://abgsc.bluematrix.com/images/image_upload/99835_2358c52b-7759-4128-aab2-e3a606f20f32_733.png" svg="/nas/web/clients/abgsc/images/image_upload/99835_2358c52b-7759-4128-aab2-e3a606f20f32.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>