Solid Q3 delivery

Challenging conditions persist

To close the subscription model chapter

'24e-'26e EBITDA cut by 7-8%. Intends to divest the subscription businesses to focus on hardware sales.

Conditions remain largely unchanged

We cut '24e-'26e EBITDA by 17-9%. Still expect meaningful share of hardware-related sales. NTM EV/EBITA ~6x.

Expect a back-end-loaded 2024

'24e-'26e EBITDA cut by 14-1%. Near-term margin pressure driven by business transformation. '24e EV/EBITA ~11x.

Contract win momentum maintained

Minor estimate changes. Solid pace of public procurement wins. '24e EV/EBITA ~9x.

Qlosr Group - Well-positioned to face an important quarter

Minor estimate revisions Balance sheet in better shape than we expected Currently trading at 7.0-4.5x ’23e-’24e EV/EBITA

Qlosr Group - Q3 largely in line with expectations

Sales -4% vs ABGSCe Adj. EBITDA +11% vs ABGSCe We expect cons. to make minor revisions

Qlosr Group - Growing bit by bit

Buy & build IT solutions business ’22e-24e adj. EBITA CAGR of 44% (excl. new M&A) Fair value range of SEK 4-11