Yesterday, Castellum posted its Q2/25 report with the market responding by trading the share -0.4 percentage points weaker than the broader sector index on report day. The Q2/25 report was good reminder that the recovery in the business cycle is taking time, which in turn means that operational performance will not be able to boost earnings past expectations in Castellum short-term. We have revised IFPM by -3 to 4% in 2026-2027 and lowered our TP accordingly to SEK 120 from 123, reiterating HOLD
