OXE Marine (Q2 Review): Darkest before dawn - Redeye

We believe OXE Marine hit an air pocket in Q2, recording its lowest sales volumes in five years. Customers remained hesitant and delays in US Government projects are experienced across the marine industry. Meanwhile, OXE Marine has seen an increase in enquiries and made important progress with two Dutch boat builders. The near-term outlook is still quite unpredictable, but we believe Q2 sales was a low-water mark and expect some gradual improvement in H2’26. We lower our fundamental Base case valuation to SEK0.35 (SEK0.43) while our new Fair Value is SEK0.38 per share (see details below).

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