AVTECH reported higher net sales than we have expected, SEK 2.7 million versus SEK 1.8 million. EBIT, however, was exactly as estimated at SEK -0.6 million. The momentum for AVTECH’s services is clearly not strong, but the proven environmental impact will likely create business agreements in the next 1-2 years. With the stock traded around our bear-case, we see an interesting opportunity for patient investors.