Västra Hamnen Corp. Finance

• Lower revenue and higher costs than expected
• Long-term growth case intact
• We keep our fair value of 7,25 SEK per share

The reported figures in Precise Biometrics' recent Q1 report were below our expectations. There are three main factors behind this: currency headwinds, the effect of a renegotiated customer contract, and cautiousness among customer during an uncertain period. Despite a bleak report and downward revisions for 2025 we remain optimistic in the long run, which is reflected in the unchanged fair value.

The full report is available here.