We lower our 2026/27e adj EBITDA by 12/11% following SmartCraft’s disappointing Q3 report. Continued downgrades and churn are weighing on ARR growth, and with weak momentum heading into 2026, we reduce our 2026 ARR by 6%. Churn, downgrades, and a soft Norwegian market are likely to persist in the near term, but we believe the market is approaching a bottom. With construction bankruptcies in Norway now stabilizing and interest rate cuts expected to take effect through 2026, SmartCraft should grad ....
