Redeye saw a Q4 report in which sales exceeded our estimates. Growth was strong across all markets. The highlight is the growth in the US, which was supported by the cost increases. We have trimmed our estimates downward for 2025-2027e, primarily due to increased sales costs in the US. With these changes and rolling over to a new year, we lower our fair value range to SEK 0.37-3.5 and our Base case to SEK 1.4(1.6) per share. Following this report, we are changing the lead analyst.

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This is a press release from Redeye - Research Powered Investment Banking. www.redeye.se/