Sivers (Q4 Initial take): Operational momentum continues to surprise - Redeye

Redeye states that the Q4 report landed in line with our expectations on net sales, with organic y/y net sales growth of 17%, and reported growth of 5%. Photonics stood out with stellar performance, beating our estimates by 52%, with the main driver being hardware revenue. Wireless saw more muted development with -11% y/y growth against a tough comparable quarter. The company states that it has good momentum, citing opportunity pipeline growth of 64% in 2025. Adjusted EBITDA came in above our estimates, with the main deviation being higher adjustments than we had estimated.

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