Redeye comments on Smart Eye exploring the issuance of a SEK300m senior unsecured bond. We interpret this as a strong signal that the company is close to securing long-term funding on improved terms. In our view, the contemplated transaction would materially reduce financing risk ahead of EU GSR implementation and comfortably bridge the company to free cash flow positivity in 2026. Although formal terms are not yet known, we see today’s news as clearly positive and reiterate our Base Case of SEK115 per share.
