* Sales +9% y-o-y, -4% vs. ABGSCe, -6% vs. cons
* EBIT 27/22% ahead on lower opex than expected
* Cons to raise '27e EBIT by c. 5% on lower opex; share +5% today
Q3 results
Sales SEK 220m (-4% vs ABGSCe 228m and -6% vs cons 233m), adj. EBIT 54m (27% vs ABG 43m and 22% vs cons 44m). FCF was, as expected, impacted by some NWC normalisation, coming in at SEK -96m (SEK 194m in Q3'25), resulting in a NIBD of SEK 208m.
Q3 thoughts
The main deviation on sales related to lower-than-expected Terminals sales, which tend to be lumpy. Meanwhile, SATCOM was in line with our forecast, but down sequentially (-13% q-o-q) because of some previous orders have not yet been renewed (including a short-term contract with DoD). That said, order activity has recently improved after a comparatively quiet H1, including several new agreements throughout the quarter that will benefit revenues ahead. Here, orders were SEK 119m (vs. SEK 72m Q3'25). Finally, opex was lower than we had anticipated, likely relating to continued strict cost control.
Estimate changesBased on the Q3 figures, we expect consensus to lift '27e EBIT by ~5% on the back of lower opex assumptions. We expect the stock to perform in line with estimate revisions. The valuation is sitting at 14x '26e EV/EBIT on our unrevised estimates. There is a webcast at 10.00 CET (link).