Redeye provides an initial take following Paxman’s Q2 2026 report. Sales came in 11% above our expectations, with IBBM showing strong development during the quarter. Costs were somewhat higher than expected, resulting in EBITDA and EBIT coming in broadly in line with our forecasts. However, we argue that the market should focus on the strong sales development, as the CPT-1 codes are finally starting to show a positive impact. Overall, we are positive about the report and expect a clear positive market reaction today. Furthermore, we argue that the sales development increases confidence in our forecasts and do not expect any major changes to our fundamental (DCF) valuation, where we continue to see solid upside potential.
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