Xplora reported soft revenue and gross profit for the historically seasonally neutral Q2, 9% and 5% lower than Bloomberg consensus, respectively. The shortcoming that is stealing all the focus, however, is the slow development in the Senior (Doro) segment, where devices sold printed -27% growth y/y. We argue that the trajectory of the equity story is defined by the rollout of Senior devices, and subsequent conversion into Xplora subscriptions (i.e. the synergies). The reported gross margin came in above expectations at 54.1%, versus consensus at 51.6%, partly attributed to lower shipping costs by switching from air to ocean freight. Looking to 2028, we estimate continued strong performance in the Kids segment but a tougher road ahead for Senior. We lower our DCF- and a multiples-based fair value range to NOK 38-55 (54-94), implying 2027 EV/EBIT of 11-20x.