Redeye shares its initial take on Modelon's Q2 2026 report. Overall, the figures were mixed: ARR fell a further 3% sequentially to SEK 45.9 m, missing our estimate, while service revenue rebounded strongly and cost discipline was maintained, keeping adjusted EBIT close to our forecast. Modelon also updated its financial targets ahead of the report, pushing the free cash flow break-even ambition starting from 2026 to Q1 2028. Management guides to a rebound in ARR growth in H2 2026, underpinned by a growing sales funnel and new AI-driven simulation libraries.
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