For Q1, we forecast -29% organic growth, +15% acquisition contribution, leading to group sales -12% y/y, while expectations for EBIT is SEK -5m. Our growth assumptions assume only limited recovery in the US. In Q1 we look for comments on leading indicators in the US and initial development with Combinostics. Our fair value range is lowered to SEK 3.9-4.7 (4.2-5.0) on 2025 sales down 3% on FX. Awaiting signs of meaningful recovery in the US, we reiterate that uncertainty is elevated.

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