Q2 delivered revenues of NOK 342m, -2% y-o-y. Growth was strong in the UK & Ireland (+25% y-o-y) and Spain (+35%), while the Nordics fell 22% on the ESL partner transition. We expect Q3 to look similar, with revenues of NOK 342m and a gross margin of ~42.4%, which compares to Q2'26 of 42.7%. This implies gross profit of ~NOK 145m, broadly flat q-o-q, and EBITDA of NOK 10m, for a margin of ~3%. Two orders were announced in the quarter: Order Picking for Meijer, and the design and installation of a new AutoStore facility for Villoid.

Early in Q3, StrongPoint announced Meijer as its first Order Picking customer in the US. The grocer, with 500+ stores, will use the solution for all in-store e-commerce order fulfilment. We see this as important validation of the offering into the largest Western grocery market, and a possible reference for future US customers. The full rollout should follow the pilot over the next couple of quarters. In addition, the Sainsbury rollout has been slower than planned in 2026, and the Pricer recurring run-off will remain a headwind through '26: the rolling 12-month ESL licence and service base falls form NOK 52m at the end of 2025 to zero by the end of 2026. The Vusion offset will build gradually. We therefore remain cautious for the next few quarters, but the direction of travel is positive.

Q3 will likely be another stable quarter, with flat revenue and EBITDA. The path to sustained profitability will have ups and downs, as run-off effects and rollout timing create volatility. Our DCF indicates an equity value of ~NOK 650m, and we see a fair value range of NOK 8-18.

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