Q2 beat our expectations, driven by a rise in volumes and mix effects (an increased share of concept delivery income and decreased volumes of refined sold objects). While earnings can fluctuate and visibility is low, we expect solid H2 performance supported by a seemingly healthy pipeline. We lift 2025E-27E EBIT by 14-17%, reflecting the Q2 beat and our assumptions for higher volume and margins. Our fair equity value range is SEK 21-25 (20-25) per share.

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