Redeye notes that Smart Eye's Q2 2026 report fell short of our expectations, with the miss driven entirely by the Automotive segment, where the royalty ramp did not accelerate as quickly as we had anticipated ahead of the EU's General Safety Regulation (GSR) mandate taking effect. Automotive organic growth landed at 128% y/y, a record pace in absolute terms but well below our estimate, leaving group net sales SEK29.2m short of forecast. EBITDA-CAPEX came in at SEK-6.9m against our estimate of SEK19.9m, a miss driven almost entirely by the softer top line rather than cost overruns, as underlying OPEX was in line with our estimate. Behavioral Research, by contrast, printed broadly as expected.
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