* 35% organic sales growth in Q3 (ABGSCe +38%) Adj. EBIT +37% vs ABGSCe* No change in outlook Q3 results OssDsign reported a mixed set of numbers in Q3 with lower sales but strong cost control and operational leverage. Q3 sales came in at SEK 44.2m (-4% vs ABGSCe SEK 46.2m, no consensus) and adj. EBIT of SEK 5.3m, +37% vs ABGSCe of -8.5m. The beat on adj. EBIT is attributable to lower opex as sales came in below and gross was marginally lower at 95.2% in the quarter (vs ABGSCe 95.5%). We are pleased to see that the 'sales and commission and fees' as percentage of sales came in better (ie lower) than expected at 48.5% (ABGSCe 49.0%). Sales in Q3 was negatively impacted by the late order (SEK 1.5m) that came in very late in Q2, which we to some extent tried to incorporate into our estimates. Still, sales came in 4% below. Organic sales growth in Q3 amounted to 35% (ABGSCe 38%) Webcast at 11.00 CET today, link: https://www.finwire.tv/webcast/ossdsign/q3-2025/ Estimates Company is not providing any outlook for 2025 or changing its mid-term financial targets of reaching sales of SEK >400m by 2028 and to become cash flow and EBIT positive in the second half of its 'Strategy Period' (2025-2028). Based on the deviation on EBIT in Q3, we expect FY'25e EBIT to be revised up (lower loss) by mid- to high single digit. Share price view The stock has been strong YTD (+30%) but a bit soft into the report (-3.5%, -5d). Based on the deviation and recent share price movements, we expect to see a positive share price reaction in similar magnitude as the estimated earnings revisions.
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