Enea shark again: net sales of SEK202m were 10% below both our SEK225.6m and consensus (one estimate) at SEK224m. Currency-adjusted growth of -6.1% against our 5.3% (Q2: -1%). Adj. EBITDA of SEK47m (23.4% margin) was 33% below our SEK70.1m and 30% below consensus at SEK68m. Customers postponed key NPI and Signalling deals again, and guidance is unchanged but now needs a Q4 margin of 36% and net sales above SEK246m. Operating cash flow of SEK66m (Q3 2025: SEK21m) and a SEK20m buyback helps, but without growth a 2026e EV/adj. EBITDA of 5.8x, which looks cheap, will stay cheap. We expect to fall 10-20%
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