Redeye saw a sales development that was substantially lower than our expectations. The sales development compared to last year’s quarter was up but down from the previous quarter. The volatility in sales is considerable as there are apparent headwinds in the patented products and the old business. Despite positive news surrounding the PFAS, these volumes are still too small to compensate for weakness elsewhere. We have made significant downward adjustments for the rest of 2023e and 2024/25e, although we expect PFAS to pull the company out of the current slump. We lower our Base case to SEK 6.7 (9.0) per share and our Fair value range to SEK 3.3 – 13.6 (5–17) per share.