<a id="bm-comp-20e8f896-0466-4bd9-a117-a5a9e49b0673" name="bm-comp-20e8f896-0466-4bd9-a117-a5a9e49b0673" class="BMCustomAnchor"></a><table><tr><td bm-component-id="20e8f896-0466-4bd9-a117-a5a9e49b0673" style="vertical-align: top; width:100.000000%;"><ul><li>Markets have started turning better</li><li>Truly decentralised with strong M&A track record</li><li>Trading at 10x-9x our '25e-'26e EV/EBITA</li></ul></td></tr></table><a id="bm-comp-ac4f61bf-6429-42a2-af42-322a2415f7d9" name="bm-comp-ac4f61bf-6429-42a2-af42-322a2415f7d9" class="BMCustomAnchor"></a><table><tr><td bm-component-id="ac4f61bf-6429-42a2-af42-322a2415f7d9" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Markets turning around</h3><p>We hosted Svedbergs Group's CEO Per-Arne Andersson at ABG Sundal Collier Investor Days this afternoon, and came back with a positive impression. Mr. Andersson made commentary suggesting the company sees markets gradually improving, with e.g. better foot traffic in retail stores in the UK. He added that while the primary housing market is starting to show signs of recovery, this is unlikely to be visible in sales until late 2025 or early 2026. Around 10-15% of Svedbergs Group's sales are to project customers, normally. New to us were also the market share figures, the company estimates a 6-7% market share across key regions which could suggest there is some room to grow. Sharing product competence between brands can be part of this growth: Macro Design has come from selling shower walls to now have a more complete bathroom furniture offering and Roper Rhodes now also sell bathtubs since the inclusion to the Group. The shower wall category is highlighted as a category that is not offered in all brands and could thus be the next incremental growth opportunity.</p><h3 class="bm-h3">Sustainability progress wins deals</h3><p>Mr. Andersson spent some time detailing its <em>cooperation without confusion</em> strategy: all subsidiaries' CEOs have full three-statement responsibility with centralised control only where it makes sense, such as external reporting and sustainability. Out of more than 520 employees, only 5 are employed at the HQ. The overhead costs are thus kept to a minimum. On the topic of sustainability, Svedbergs Group's Net Zero sustainability targets were approved by the Science Based Targets initiative in March. Mr. Andersson shared that it had already won at least one contract worth SEK 10m+ owing to the company's superior (to the main competitor in this specific procurement) sustainability reporting.</p><h3 class="bm-h3">Uncertainty/macro considerations</h3><p>During the Q&A session we discussed current geopolitical events. The increased geopolitical turmoil post Liberation day has limited direct impact on the Group, however the added consumer uncertainty (observed through widespread declines in consumer confidence) could weigh on demand temporarily. The lower USD rates means Roper Rhodes' gross margin outlook is improved, however, as purchasing is USD-denominated to a large degree. In other news, Mr. Andersson commented on a possible cash release to the tune of GBP 3-4m should the red sea once again be reopened for shipping.</p></td></tr></table>