ABG Sundal Collier - Equity Research

Qben Infra - Needs more time to convert growth to earnings

Focus on the Power segmentSales held up, earnings was weakDivestment of Construction expected to close in Q3Power improves, Construction masks underly...

Xplora Technologies - A setback, but long-term potential intact

We cut '26e EBIT by 15% and '27e by 32%Long-term potential still intact, but likely to take more timeEV/EBIT drops from 12.0x in '26e to 5.7x in '28eL...

Proact - Dell Q2: Storage sales +12% vs cons

Dell Storage sales +26% y-o-y driven by data center modernisationDecent correlation to Proact System sales (partner to Dell), positive for Q3-Q4eDeliv...

Gentoo Media - Deleveraging focus in H2'26

Sports margin flat y-o-y as FIFA World Cup......did not aid the operations as much as we had expectedTrading 30-35% below peers at 3.8x '26e EV/EBITDA...

Lumi Gruppen - Margins strong, but softer intake weighs

H1 above expectations, driven by strong margins and cost controlSoft autumn intake guidance leads to cuts in '26e-'28e estimatesFair value range of NO...

Lumi Gruppen - Delivering on H1, H2 looks more challenging

H1 above driven by strong margins and cost control...... but AY 26/27 outlook looks softCons to lower revenue estimates, EBITA offset by cost actionsR...

Inission - Power turnaround progressing well

Orders +5%, adj. EBITA +5% above us on higher Power margin'26e-'28e adj. EBITA up 1-2%; expect company to beat FY guidanceM&A pipeline strengtheni...

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About ABGSC

Enabling businesses and capital to grow and perform ABG Sundal Collier is founded on an inclusive partnership culture and the ability to attract and develop top talent. The merger between Norwegian Sundal Collier and Swedish ABG in 2001 laid the foundation for today’s independent, full-service investment bank. We have a strong Nordic heritage, with operations in Norway, Sweden and Denmark and a global reach through our sales offices in Frankfurt, London, New York and Singapore. Relying on our superior transaction experience and network, we advise and guide clients when acquiring, consolidating or selling assets. With our outstanding investor access and placing power, we help corporations and entrepreneurs to finance their businesses. Through our highquality research, we enable smarter investment decisions. We are committed to excellence, and offer deep sector knowledge, extensive transaction experience and access to a large network of corporates and investors. We take great pride in always delivering first-class service, and we always seek to obtain a high degree of client satisfaction.

ABGSC INVESTOR DAYS 21-22 May
Hotel At Six @ Brunkebergstorg 6 Stockholm

You are invited to ABGSC Investor Days which provides an opportunity for investors to learn more about some of the companies covered by ABG Sundal Collier’s sponsored research (cr.abgsc.com) and a few selected up-and-coming companies with innovative business models.
Language: Most of the presentations will be in Swedish

SEE ALL PRESENTATIONS LIVE:
21/5 08:45-16:25 CEST
Go to Track 1: https://youtube.com/live/viQQZNevUFI
Go to Track 2: https://youtube.com/live/LJErEmXxBZU

Acconeer	Inission
AlzeCure Pharma	Isofol Medical
Ascelia Pharma	I-tech
B3 Consulting Group	Karnell
BTS Group	Linc
Byggmästaren	Lumi Gruppen
ByggPartnerGruppen	Midsona

Cinclus Pharma	Momentum Group
Coeli Private Equity	Oncopeptides
CTEK	Orexo
Donkey Republic	Prevas
Eastnine	Proact IT Group

Eltel	Qben Infra
Embellence Group	Qliro
Enity	SinterCast
Eolus	Skolon
ES Energy Save	SmartCraft

Ferronordic	Stenhus Fastigheter
Generic	StrongPoint
Genova Property Group	Svedbergs Group
Haypp Group	Tempest Security
Impact Coatings	WS WESports Group

Acconeer	Inission
Ascelia Pharma	INVISIO
B3 Consulting Group	Isofol Medical
Bergman & Beving	I-Tech
BTS Group	Lumi Gruppen
Byggmästaren	Meds Apotek
C-RAD	Midsona

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Latest Equity Research

Qben Infra - Needs more time to convert growth to earnings

Xplora Technologies - A setback, but long-term potential intact

Proact - Dell Q2: Storage sales +12% vs cons

Gentoo Media - Deleveraging focus in H2'26

Lumi Gruppen - Margins strong, but softer intake weighs

Lumi Gruppen - Delivering on H1, H2 looks more challenging

Inission - Power turnaround progressing well

Byggmästaren

Byggmästaren - Q2 Earnings Call with CEO Tomas Bergström

New milestone for AlzeCure Pharma — Two major licensing deals in a month

New company at ABGSC - Qliro

Eltel

Eltel - Company presentation with President & CEO Håkan Dahlström

BTS Group

BTS Group - Company presentation with President & CEO Jessica Skon