Redeye updates its estimates for Smart Eye following the Q1 2026 report, which represents a significant inflection point in the investment thesis. Automotive Solutions delivered organic growth of 122%, with license revenue surging by more than 200%, driven by the approaching EU General Safety Regulation mandate. The quarter came in ahead of our expectations on most metrics, with Behavioral research continuing its soft but stable development. EBITDA-CAPEX came in broadly in line with our estimate despite a material EBITDA beat of 42%, as CAPEX ran higher than expected following the acquisition of Sightic and increased investment in new automotive features. We make minimal revisions to our estimates, trimming Behavioural Research fractionally and lifting our CAPEX assumptions. Our Base Case of SEK120 is unchanged, and Redeye reiterates its positive view of Smart Eye.
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