InCoax has secured EUR80k in orders from Dutch VAR partner SmartMedia for two broadband projects, with the larger project covering an initial 400 of a total 1,600 apartments. While the near-term financial impact is limited, we see the orders as a positive validation of InCoax’s ability to enter new geographies through VARs with their own sales capabilities. We raise our 2026E net sales by 9% to SEK21.4m, while leaving our 2027–2028 estimates unchanged as these already incorporate growth from other channels and geographies. The estimate revision does not affect our valuation, with our fair value range intact at SEK0.1–3.2 and a Base Case of SEK1.3.
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