Redeye considers AAC's Q2 to be solid with net sales of SEK112m (+52% y/y) landing 1% above our SEK111m estimate and EBITDA of SEK10.7m coming in SEK2m below our SEK13m estimate. We view the slight EBITDA deviation as a temporary mix effect, reflecting some low-margin INFLECION development work in Data & Services and a somewhat faster OPEX ramp, while Products & Missions margin was in line with our estimate. With figures largely matching our expectations, we expect broadly unchanged to slightly positive estimate revisions, supported by the order backlog reaching SEK1,197m (from SEK1,111m at Q1), unchanged FY2026 guidance, and the new EPS-Sterna and INFLECION contracts signed during the quarter.
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