Arribatec Group ASA (“Arribatec” or “the Company”) is a Norwegian IT services provider offering ERP solutions, Business Services, and Cloud & IT operations, with an increasing share of revenues from long-term service contracts. Following a comprehensive turnaround in Q4-24, including a new management team, divestment of non-core segments, and approximately NOK 50m in cost reductions, the Company has regained momentum. Core operations delivered 20% organic growth year-over-year in Q3-25, alongside a sales mix shift toward the higher-margin Business Services segment, which reported a 13.8% EBITA margin versus 10.7% at group level and is underpinned by a strong recurring revenue base. As of Q3-25, the Company reported a gross weighted pipeline of NOK 421m, providing solid near-term revenue visibility. Combined with a leaner cost base and limited capital intensity, the turnaround has materially improved earnings quality and visibility. Based on an estimated EBITA of NOK 81m for the full year of 2027 and an equally weighted Peer- and DCF valuation, an implied enterprise value of NOK 841m is derived, corresponding to a potential share price of NOK 11.6 in a Base scenario.