Q3 showed sales decreasing 7% y/y, leading to a miss of 9% vs. SEB expectations. Reported EBIT was SEK -25m (SEB at -4m), impacted by an -18m impairment of contract assets. FCF was SEK -5m and current cash position 13m. Our first take is for 2026 sales estimates to come down by high single-digits. Although cash collection has improved, the impairment suggests the historical sales cannot be fully relied on as an indicator of the historical demand level.
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