Redeye's initial take is that Sleep Cycle's Q3 was clearly stronger than we expected. Sales were slightly ahead and turned sequentially for the first time since 2024, carried by a record B2B quarter that now makes up a fifth of revenue. The real surprise was profitability: adjusted EBIT of SEK15.1m (c.30% margin) against our c.SEK6m, and management raises its FY2026 adjusted EBIT margin guidance to c.20%. We see this as a first sign that the new board's cost discipline is working, although higher capitalisation flatters the comparison and the reorganisation savings are still to come. Sleep Cycle remains under review.
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