Smart Eye’s Q3 report tracked closely with our expectations, with Automotive once again acting as the primary growth engine. Strong momentum in license revenue, improving customer rollout visibility, and a seasonally strong period ahead for Behavioral Research all support a solid finish to the year. We see no drama in the balance sheet following the addition of a SEK50m credit facility. While we take a slightly more cautious stance on the timing of the 2026 license ramp, the long-term view remains unchanged, and our Base Case of SEK115 is maintained.

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