CTEK delivered a strong earnings beat in Q3, with adjusted EBITA of SEK37.9m, 23% above our SEK30.7m estimate, despite net sales of SEK217m coming in 7% below our SEK233m estimate. Organic growth returned to positive territory (+2%), gross margin expanded to 64.5% (59.1%) and both divisions delivered stronger profitability. The sales shortfall was concentrated in Professional, where Client Brand recovered less than we had assumed and EVSE remained flat. We lower our sales estimates, mainly for Consumer and Low Voltage Professional, but raise our gross margin assumptions. Net, our 2026e adjusted EBITA is broadly unchanged, while 2027–28e is cut by 3–6% and our fair value is SEK25 per share (DCF SEK23.4, relative valuation SEK29.75). The EVSE strategic review, to be concluded within the current financial year, remains the key near-term catalyst.
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