While Q2 showed a return to growth in Americas, growth in comparable units remained negative, with a sharp decline seen in APAC. While improved cash collection is positive, we believe sales growth will have to return to enable durable positive free cash flow. We continue to see elevated risk until growth and free cash flow improve. Our new fair-value range is SEK 2.9-3.3 (3.3- 3.8) following a 9% cut to 2025E sales.
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