AVTECH's Q1 2026 key figures, published ahead of the full report on 24 April, revealed a sequential net sales decline of 9%, missing our estimate by 11%. ARR grew 5% y/y but fell 4% q/q. The shortfall stems from LATAM Airlines pausing the Aventus service for what the company describes as an in-depth re-evaluation. Management states it does not impact the higher-valued ClearPath offering, however. EBITDA came in 5% above Redeye’s forecast, suggesting cost discipline. Redeye estimates the Aventus part contributes SEK5.5-6.0m to annual results (11-12% of Q4’25 ARR). Redeye will monitor the situation closely and follow up when AVTECH reports next week. The share reversed sharply on the key figures release, closing down 2% after trading up 7–10% intraday
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