We make limited changes to our 2026-2027e and reiterate our BUY and increase our TP to NOK 12.5/sh (12). We see material upside to consensus as the market gradually recovers. AutoStore is heading into 2026 with a backlog of ~USD 540m, which is ~USD 90m higher than into 2024 when AutoStore had revenue of USD 601m. Furthermore, 2024 saw project delays and flattish order intake, whereas we could see the opposite in 2026 with an improving market (cited by peers as well). USD 700m in revenue should t ....
