Ahead of SSH’s Q3 report on 28 October, we expect net sales of EUR 5.6m (+4% y/y) and EBITDA of EUR 0.0m, down from EUR 0.8m a year ago, as delayed larger orders hit the quarter. Following the September profit warning, we have cut our 2026e EBITDA to EUR -0.5m (previously 0.3m) and lowered 2027-28e sales by 4-5%. The valuation effect is minor, and we still see 39% upside to our new fair value of EUR2.6 (2.7).
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