Hexagon AB Class B

Strong operational momentum; top-line & margin both beat - Organic growth accelerated to 13% YoY, the highest in ~5 years, with broad-based strength across every business area. - EBITAC margin (ex-robotics) stable ~62% gross margin and EBITAC margin rose to 25.3%, +450 bps YoY (like-for-like, excluding a major one-off) and +100 bps sequentially. - Cash conversion 82% (reflecting normal seasonality between Q2 and Q3).

Order intake improved; visibility into 2027 remains constructive - Management emphasized stronger order intake and continuing order-book build despite tougher comps. - For MI (Manufacturing Intelligence): book-to-bill directionally “flattish” vs Q2 (orders roughly tracking sales). - For 2027 demand: no “dramatic changes” expected—stable demand in aerospace & defense, electronics, general manufacturing; weaker areas (e.g., agriculture, automotive, construction) are not showing a near-term turnaround.

Regional/geographic pattern broadened—EMEA & Asia leading - EMEA growth +17%, China +15%, Rest of Asia +14%; Americas +6% (but see “one-off” adjustment below). - Automotive: weakest in China (still pressured by industry conditions), while North America is strong—linked to reshoring/home-shoring and expected tariff-driven manufacturing investments. - Surprising nuance: Americas growth looks low largely due to a last-year one-off; underlying Americas growth appears stronger if excluding that effect.