Redeye updates its estimates and valuation after Sdiptech's Q3 2026 report. Net sales beat our estimate by 7%, driven by 13% organic growth in the core business, while adj. EBITA came in 2% above our forecast. As in Q2, the beat narrowed on the way down the P&L: gross margin fell to 58.1%, against our 61.4%. Overall, we view Q3 as another solid step: organic growth is now broad-based across all four business areas, two more UK acquisitions were closed and the bond refinancing lowers the cost of debt. We raise our Base Case to SEK315 (300).
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