G5 continued its positive top-line trend from Q2, producing organic sequential growth despite a seasonally slower quarter. Management is optimistic in its outlook, calling the top-line trough at current levels and aiming for continued momentum. While this comes at the expense of near-term profit, we think it is the right call and estimate a return to organic y/y growth by Q1/26 if momentum is kept. We reiterate our fair value range of SEK 112-166.
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