Macro resilience and improving margins

Improvements across the board

Surprisingly high Q4 costs to normalise in 2025

Overall in line with preliminary figures

Ready for margin expansion

Formpipe Software AB: 2 directors

Two Directors at Formpipe Software AB bought 27,000 shares at between 24.500SEK and 25.340SEK. The significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors ov...

Public DK setback, but several other positives

Q1 sales impacted by lower Public DK deliveries – again. We cut '24e-'26e EBIT by 12-5% on lower sales assumptions. Slowdown in margin progression in '24e, before picking up in '25e.

Public DK setback, but more optimism for H2e

Softer Q1 than expected, but with solid progress for Private. We cut '24e-'26e EBIT by 22-6% on lower sales and higher opex. Slowdown in margin progression in '24e, before picking up in '25e.

Formpipe Software - Opex growth to decelerate ahead

Poor Q3 margins on lower delivery sales in Public DK We cut ‘22e-‘24e EBIT by 13-8% Opex growth to slow down & margins to improve in ‘23e

Formpipe Software - Margins suffering from lower Public DK sales

Sales +10% y-o-y, but -2% vs. ABGSCe Margin suffering from Public DK reporting sales -8% y-o-y Expect cons. to lower estimates by ~5%

Formpipe Software - Margin contraction in Q3e on rising costs

Q3 report due on Thursday, 27 October Negative EBIT revisions on more cautious sales ests. ’21-‘25e sales CAGR of 12%, 17x ‘24e EV/EBIT

Sector Fast Comment - ABGSC’s Investor Day feedback

Rovio and EG7 attended ABGSC’s Investor Day COVID-rebasing in mobile gaming to normalise soon Important changes presented by new EG7 management

Formpipe Software - Public SE continues to show improvements

4% sales miss, mainly due to lower license sales We cut our EBIT estimates on higher costs We continue to see strong growth prospects

Formpipe Software - Good growth, but weaker profits than expected

Sales 17% y-o-y but -4% vs. ABGSCe Expect negative estimate revisions on higher costs Share is trading at 21x ‘23e EV/EBIT on unrevised ests.

Formpipe Software - Growth journey continues

Sales up 19% y-o-y, solid growth in all three segments Sales estimates up slightly, but we reduce ‘22e EBIT Share is trading at 20x EV/EBIT on ‘24e

Formpipe Software - Continues to display rapid growth

Sales +19% y-o-y, +1% vs. ABGSCe… …but a weaker margin than expected due to higher costs Expect cons. to make relatively small forecast changes

Formpipe Software - Solid Q1 expected, but rising costs ahead

Q1 report on Wednesday, 27 April We cut ‘22e-’24e EBIT by 13-5% on higher costs ’21-’25e sales CAGR of 11%, 24x ‘23e EV/EBIT

Strategy Fast Comment - Summary of ABGSC Investor Days, 8-9 March

38 companies presented at the seminar Mostly Swedish small caps attending See links to all company recordings

Formpipe Software - Feedback from ABGSC Investor Day

CEO Christian Sundin attended to ABGSC Investor Day Private set to deliver a strong 2022 in terms of sales Share -30% YTD, 11% ’21-‘25e sales CAGR

Formpipe Software - Promising road ahead

Strong report, sales +18% y-o-y and +9% vs. ABGSCe We lift ‘22e-‘23e EBIT by 9-6% 34x-25x ‘22e-23e EV/EBIT; 11% ‘21-‘25e sales CAGR