Ahead of Xplora's Q3 report on 12 November, we raise our 2026E-28E EBITDA by 24-41%, reversing some of our post-Q2 cuts. Our post-Q2 estimates were too pessimistic on the Senior segment's profitability, as we extrapolated the quarter's weak Senior devices development based on a view we have since come to move away from. We now more firmly expect device sales to recover and shift our focus back to conversion rates. We also hold a brighter view on emporia's medium- to long-term contribution. However, we are more cautious on the pace of Senior conversion rates, lowering our base-case rate to 8% (10%) and our 2028E Senior subscriptions to 135,000 (182,000). We derive a fair value range of NOK 41-56 (38-55).
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