Redeye was hoping for a bit more in terms of topline, but market demand has been hesitant, particularly within the train segment. On the bright side margins still improved, HMI products are showing good growth and newly acquired Welotec is performing well. Furthermore, Ependion is taking a minority stake in RazorSecure, a software provider of cybersecurity solutions for the train industry. Overall, the near-term outlook remains uncertain and we are now somewhat more cautious in our assumptions for market recovery.

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