Minor estimate revisions Subscription business performed well... ...despite a challenging market Q3 results better than expected Q3 revenue and EBITDA were 6% and 39% above our estimates, respectively. Even though the deviations are seemingly large in...

We cut '24e-'26e adj. EBITDA by 13-9% Shareholders accept the large divestment '25e EV/EBITA ~5x What to expect in Q3'24e We expect Q3 total revenue of SEK 118m and EBITDA of SEK 4m. On a YTD basis, the company has announced contracts with an estimated...

'24e-'26e EBITDA cut by 7-8% Intends to divest the subscription businesses... ...to focus on hardware sales Q2 results and intended divestment Q2 revenue and adj. EBITDA were 26% and 28% below our estimates, respectively. The large deviations were driven...

We cut '24e-'26e EBITDA by 17-9% Still expect meaningful share of hardware-related sales NTM EV/EBITA ~6x What to expect in Q2'24e We expect Q2 revenue of SEK 179m and EBITDA of SEK 8m. On a YTD basis, the company has announced contracts with an estimated...

'24e-'26e EBITDA cut by 14-1% Near-term margin pressure driven by business transformation '24e EV/EBITA ~11x Q1 results Q1 revenue and adj. EBITDA were ~14% above and ~70% below our estimates, respectively. The large deviations were driven by an increased...

Minor estimate changes Solid pace of public procurement wins '24e EV/EBITA ~9x What to expect in Q1'24e We expect Q1 revenue of SEK 157m and EBITDA of SEK 9m. On a YTD basis, the company has announced contracts with an estimated order value of ~SEK 650m...