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Third party research

Prevas: Margins improve on stronger mix - ABG

Prevas

This is a third party research report and does not necessarily reflect our views or values

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* Sales +1% and adj. EBITA +29% vs ABGSCe* Strong within defence and cybersecurity* Consensus EBITA likely down up mid single-digitsQ3'25 detailsPrevas reports Q3'25 sales of SEK 355m (1% vs. ABGSCe 351m), and organic growth of -1%, with a notable contribution from Finland. Reported adj. EBITA came in at SEK 30m (29% vs. ABGSCe 23m), with an adj. EBITA margin of 8%, supported by improved delivery mix, higher project share, and efficiency gains following earlier restructuring.Momentum building in core segmentsMarket sentiment remains cautious, but key segments such as defence and cybersecurity continue to grow, with defence sales up 33% y-o-y. Finnish market continues to strengthen, supported by larger projects and a higher proportion of project deliveries contributing to margins.Positive consensus estimate revisionsPrevas is trading at ~7x '26e EV/EBITA on our unrevised estimates. Based on our initial impression of the report, we expect consensus adj. EBITA to mechanically come up by mid single-digits.
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