For Q3, we forecast -13% organic growth and a +21% acquisition contribution, leading to group sales +3% y/y, while our expectation for EBIT is SEK -4m (-5m last year). We expect Americas to continue to grow from a low base but APAC to remain a headwind. Our fair value range is unchanged at SEK 2.9-3.3. While we argue the financials are starting to trend in the right direction, uncertainty remains elevated awaiting a return to organic sales growth and positive FCF.

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