Q2 deliveries impressed, less support ahead but still good demand. 2024e adj. EBIT -17%, 2025-26e -3% to +4% on some moving parts. Momentum remains, share at 40x 2024e EV/EBIT and 41x 2025e.
80% of the ATH order book to be delivered within 12 months. Higher opex to cut EBIT by 5-7% in 2024e-'26e. '24e elevated due to third-party order, trades at 31.1x EV/EBIT in '25e.
Q2 sales -7% vs cons and EBIT SEK -8m vs cons 9m The higher activity remains, H2 sales to be better than H1 Limited sales revisions, EBIT likely down somewhat