Careium continued to grow organically in the quarter. FCF was strong but a number of initiatives driving costs higher hit the operating margin. We believe the underlying growth story is still valid but uncertainty around profitability has risen for at least the first part of 2026. We lower our 2026E EBIT by 15% and 2027E by 3%; our new fair value range is SEK 23-29 (26-33). The shares trade at a 2026E EV/EBITA of 7.5x.
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