Sales trough reached, return to EBIT growth in Q3e '25e-'27e EBIT down 29-13% on FX and system sales 26-12x EBIT '25e-'27e, ~30-50% ROCE, net cash Aftermarket normalisation completed already in Q1 As expected, CTT's Q1 saw a steep organic decline (-33...

In-line Q1 sales, solid Q2 guidance, steeper EBIT decline in Q1 2025e EBIT: tailwinds from higher deliveries, headwinds from mix+FX Return to earnings growth likely to happen first in Q3 Q1 details Sales were in-line with our expectations, with a 33%...

Solid Q4 finish but cautious Q1/H1'25 guidance Pick-up in OEM/VIP but destocking holds back AM Negative H1'25 comments likely to outweigh better OEM/VIP Q4 details Sales were 1% above our expectations, with 1% organic sales (ABGSCe +1%), which in turn...

SEK 120+7m retrofit order to be delivered in 2025-2035 Covers our '25e-'28e Retrofit assumptions, ~1% of total sales Small impact but very encouraging for the retrofit segment A potential resurgence in dehumidifier demand CTT recently press released ...

- OEM and AM challenges to normalise in Q1'25e - '24e-'26e EBIT down 18-3%; 20% CAGR '23-'26e - 30-15x EBIT '24e-'26e, ~30-55% ROCE, net cash Return to EBIT growth in Q2'25e Despite the Q3 pre-announcement (18% organic sales decline vs. ABGSCe +18%, ...

- Q3 pre-announced, outlook encouraging but dependent on OEMs - Consensus could lower '24e-'25e EBIT by 10-15% - Share already reacted to pre-announcement, likely only down slightly today Q3 details The Q3 was partly pre-announced (sales, EBIT and org...