We lower our forecasts slightly and retain our Base Case of SEK338 ahead of Lime’s Q1 2026 results. We expect a market environment that remains broadly similar to 2025, with no sharp improvement in conditions but continued solid execution within Lime CRM. Growth is expected to build gradually through the year, with the three smaller business units — Lime Go, Lime Connect, and Lime Sportadmin — anticipated to contribute more meaningfully towards year-end. With the share trading at a substantial discount to our Base Case and approaching Bear Case territory, we believe the risk/reward remains skewed to the upside for patient investors.
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