Weak report, '25 ambitions set to be revised

Q4: Clean EBITDA NOK -2.7m - soft compared to our NOK 0m. 2025 ambitions under pressure, set to be revised.

Tough market and higher costs to weigh on Q4

Q4e revenue ~NOK 306m. Sainsbury's contract a positive development, but more orders needed. Estimates down, '24e adj. P/E ~8.2x.

Ambitions kept amid a soft quarter

Q3: EBITDA NOK 4m – soft but broadly in line with our NOK 5m. 2025 ambitions kept, company sees larger project wins in Q4. Estimates down, '23e adj. P/E ~19.7x.

A soft quarter as expected

Challenging market, but Baltics provide comfort

Q3e revenue ~NOK 312m. Maxima order provides comfort for '24e, but more orders needed. Estimates down, '23e adj. P/E ~25x.

Facing rough markets

Q2: Soft sales hit profitability. Orders needed to add confidence to 2025 targets. Estimates down, '23e adj. P/E ~14x.

Q2: A soft quarter

Q1 first take: delivering on expectations