Enea's Q3 net sales of SEK202m were 10% below our estimate, and currency-adjusted growth was -6% against our +5%, because customers postponed decisions on key NPI deals and Signalling licence orders. The Growth portfolio fell 11% while Classic grew 9% currency-adjusted. Adj. EBITDA of SEK47m was 33% below our SEK70m, as costs rose 6.6% while sales fell. Management keeps its 2026 guidance of positive growth and an adj. EBITDA margin above 30% (we now forecast 0.9% and 29.8%). We cut our 2026-2028 net sales estimates by 3-10% and adj. EBITDA by 8-12%, and we lower our Base Case from SEK90 to SEK70. Enea screens as cheap with a fair value of SEK88.1.
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