Ovzon

* Strong Q2e, but more orders are needed... * ...and we expect them to come * 15x '26e EV/EBIT Q2e largely similar to Q1 We expect Q2 to be broadly similar to Q1, with the main difference being an increased contribution from the EU NATO customer (which...

* Renewed SEK 74m order with EU NATO customer (Ovzon-3 related) * 100% SATCOM (5-months); deliveries start 1 Aug'26 * Supports our estimates; potential for more orders A welcomed order announcement Ovzon has signed a SEK 74m renewal order from the defence...

* Strong Q1, but orders muted in seasonally slow Q1 * Small EBIT revisions * We expect more orders ahead; 19x '26e EV/EBIT Strong quarter, but muted orders – as expected In terms of sales and earnings, Ovzon started 2026 with another strong quarter, ...

* Sales +189% y-o-y on recent orders; -2%/-8% vs. ABG/cons * EBIT was -1% vs. ABG and -9% vs. cons * Expect cons to make small revisions, share in line with the market Q1 results Sales SEK 277m (18% vs ABGSCe 234m and 16% vs cons 239m), adj. EBIT 74m...