We reiterate our Buy recommendation with a TP of NOK 60/sh. Q4 results were broadly in line with expectations, with EBITDA of EUR 46m matching consensus. Revenues exceeded ARCe and consensus by EUR 19m and EUR 10m, respectively, driven by higher-than-expected filling machine sales in EMEA. While equipment sales carry lower margins, they are a positive leading indicator for future carton volumes, similar to the “printer-and-ink” model. We remain positive on the investment case and view 2026 as a ....
