Q1 showed sales decreasing 8% y/y, leading to a miss of 8% vs SEB expectations. Reported EBIT was SEK -6m (SEB at SEK -6m), helped by good cost control, but also likely NRI. FCF was SEK -6m and current cash position SEK 33m. The company highlights low OEM sales in Europe and North America, as well as cautiousness in Japan holding back sales. Our first take is for 2026 sales estimates to come down by high-single digits.

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