Q1 confirms that Terclara defends a leading market position in Sweden and that the Norwegian launch is well underway into the high season, especially in the second quarter. Moberg’s cost base remains well-contained, and the Norwegian Terclara launch is already supported by direct marketing that started by the end of March. Moberg also engages in partner discussions to secure an extended European launch in 2026. Our revision reflects a strong SEK and an updated European launch dynamic in 2026 and 2027.

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