Qben Infra - Needs more time to convert growth to earnings

• Focus on the Power segment
• Sales held up, earnings was weak
• Divestment of Construction expected to close in Q3

Power improves, Construction masks underlying progress

Qben infra reported solid sales but a weaker cost base weighed on earnings. Sales were SEK 344m and EBITA SEK -24m, including ~SEK 30m of IAC. The largest was a SEK 14m write-down of unfinished Team Bygg projects, while acquisition and integration costs related to B45 also weighed on earnings. Adjusted EBITA was SEK 6m. Power increased sales by 6% to SEK 202m and returned to positive EBITA of SEK 5m, corresponding to a 2.6% margin. While profitability was softer than we would have liked, the order book now exceeds NOK 1bn. Inspekt increased sales by 39% to SEK 63m and narrowed its EBITA loss to SEK 2m from SEK 6m in Q1'26. Construction remained the main drag, with sales of SEK 81m and EBITA of SEK -27m.

Construction exit sharpens the portfolio but we cut earnings

Qben has made two important portfolio decisions: it cancelled the planned Inspekt divestment and subsequently signed an LOI to divest Construction for ~NOK 50m, with closing expected in Q3. Following Q2, we leave our sales estimates broadly unchanged but make sizeable cuts to group earnings. Qben expanded rapidly last year and now needs more time than we previously expected to adjust its cost base. We therefore lower our earnings estimates across all segments.

Execution and liquidity now take centre stage

Following the disposals of Rail and Kvalitetsbygg and the planned Construction exit, Qben is increasingly focused on Power, complemented by Inspekt approaching breakeven. Power's >NOK 1bn order book supports revenue visibility, while margins and liquidity remain key watch points. Management has extended the Songa owner loan to January 2027 and raised ~SEK 74m in convertibles. Power margins, working-capital control and completion of the Construction sale are the main near-term milestones.