AVTECH’s sales grew 43% y/y, driven by new agreements, while USD/SEK was a small headwind. However, net sales and EBITDA were 11% and 9% below Redeye’s forecast, respectively (in line with the pre-announcement). Redeye revises its net sales estimate by 5% for 2025-2028, resulting in an 8-10% EBIT revision for the same period. Redeye reduces its Base Case by 8%. On Redeye’s updated EBIT estimates, AVTECH’s EV/EBIT NTM aligns with its 3-year average. Redeye views new agreements as the primary driver for the share, while the main risk consists of upcoming contract renewals in 2026.

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