Order beat drives '25 estimates up slightly

Earnings miss off-set by order beat

Market activity remains high

Working down the order book

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.

Solid underlying development in Q2

Strong growth quarters coming up

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.

Q1 somewhat soft on EBIT

Tougher comps, but good momentum

Tough comps, we expect -3% org sales growth (119% Q1'23). The Intercom order behind 2024e estimate changes, EBIT +51%. Share trading at 26x EV/EBIT 2024e, 31x 2025e.

INVISIO - Guiding for a strong Q4 and H1’2023

Q3 seems to be the start of a stronger period 2023-24e sales +3%, adj. EBIT +1-4% 52x ‘23e EV/EBIT at 31% ‘23e growth, 14% EBIT margin

INVISIO - Orders up 76% y-o-y and margins on the rise

Q3 sales grew 26% organically, +2% vs cons Guides for strong Q4 & H1 2023 from ATH order book Consensus estimates likely up ~5%

INVISIO - Market activity has picked up

We expect 36% order growth & 30% sales growth in Q3e EBIT margins to improve from here 44x 2023e EV/EBIT on 14% EBIT margin

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

INVISIO - Ready for delivery season

Delayed deliveries in Q2 but record-high order book Sales -1-2% and higher opex cut EBIT by 9-37% Share at 7x EV/sales and 35x EV/adj. EBITDA 2023e

INVISIO - Weaker than expected Q2, but solid outlook

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

INVISIO - Strong sales to come, but with a delay

Q2 report due on 22 July We move sales slightly further into the future Our positive LT perspective remains, already better in H2

INVISIO - ABGSC’s Investor Days feedback

Military exposure to pay off from raised budgets Delayed deliveries hurting sales short-term… …but order book and order intake at ATH is promising

INVISIO - Strongest order book in the company’s history

Sales miss, but very strong order intake of SEK 482m Most of the orders are planned to be delivered during ‘22 Strong long-term outlook due to high military spending

INVISIO - Sales miss, but very strong order intake

Q1 sales -13% vs cons, order intake +17% vs ABGSC The company expect supply chain challenges also in Q2 Long-term trends (military spending) in favor

INVISIO - Increasing military spending to benefit Invisio

Q1 report due on 4 May Announced orders slightly boost sales Trades at 12x ’22 EV/sales, above 5Y NTM average of 8x

INVISIO - Good order flow in end of Q1’22

Three announced orders for a total value of SEK 209m Deliveries are planned to start in Q2’22 We est. ’22 delivery corresponds to ~18% of ‘22e sales