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Third party research

Clavister: In line with pre-announcement - ABG

Clavister

This is a third party research report and does not necessarily reflect our views or values

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* Reports Q3 in line with pre-announced figures* Seasonally weaker quarter, but 17% organic growth* Est's to come down mid-single-digits on pre-announcementQ3'25 resultsClavister reported figures in line with the preliminary information published in October. Reported sales came in at SEK 50m (-6% vs. ABGSCe of SEK 54m on our unrevised numbers), implying a growth of 15% y-o-y (17% org.). The defence segment was the main growth driver, supported by the civil business. ARR increased 9% to SEK 138m, showcasing a strong civil base. EBITDA came in at SEK 13m, representing a strong margin of 25%, marking Clavister's highest EBITDA margin to date. Reported EBIT came in at SEK 2m, with a margin of 4%. Order intake declined by 9% y-o-y, but is highly impacted to timing of orders.Outlook and estimate changesQ3 is typically seasonally weaker, with a more cautious investment climate, leading to decisions being postponed. Temporary delays in military hardware deliveries are now expected to shift into coming quarters. We believe these are timing-related rather than structural, and believe the company will achieve its ambition to reach 20% annual sales growth in '26e. We expect consensus to cut estimates by mid-single digit for '26e-'27e.Final thoughtsQ3 came in line with pre-announced figures. It was a tad below our expectations, but we think the outlook maintains largely unchanged. We believe Clavister remains well positioned for continued growth and margin improvement into '26e.
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