<a id="bm-comp-f39414cb-a338-44cf-a21e-93ad15ada377" name="bm-comp-f39414cb-a338-44cf-a21e-93ad15ada377" class="BMCustomAnchor"></a><table><tr><td bm-component-id="f39414cb-a338-44cf-a21e-93ad15ada377" style="vertical-align: top; width:100.000000%;"><ul><li>Q4 figures in line with pre-announcement</li><li>We cut '26e-'27e sales by 6-5%, EBIT positive in '27e (prev. '26e)</li><li>Targeting 2x Recycling sales in '26e vs. '25</li></ul></td></tr></table><a id="bm-comp-3275d5e3-8aa4-439a-85ae-28d06b9bb130" name="bm-comp-3275d5e3-8aa4-439a-85ae-28d06b9bb130" class="BMCustomAnchor"></a><table><tr><td bm-component-id="3275d5e3-8aa4-439a-85ae-28d06b9bb130" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q4 results</h3><p style="text-align:left;">Nexam reported sales of SEK 43m (-11% y-o-y, -4% q-o-q), in line with pre-announced figures. The company witnessed a temporary build-up among its largest customer in High Temperature, impacting the quarter by SEK -4.5m. However, Reactive Recycling (~20% of sales in Q4'25) continues to be the clear growth driver, expanding by 250% y-o-y in Q4 and ~3x in FY'25 vs. FY'24. The company now has 26 paying customers in the segment and is targeting doubled sales in 2026 vs. 2025. Due to the lower-than-expected sales, EBIT was also lower at SEK -4m (vs. -2.5m LY).</p><h3 class="bm-h3" style="text-align:left;">Estimate changes</h3><p>We lower '26e-'27e sales by 6-5% and '26e-'27e EBIT by SEK 9m and 8m, respectively, on the back of the report. We forecast the company to grow sales at a CAGR of +13% in '25-'27e and to reach positive EBIT in '27e (previously '26e).</p><h3 class="bm-h3">Rights issue to accelerate Recycling scale-up</h3><p>Our long-term view of the company remains largely unchanged. In December '25, Nexam announced a fully guaranteed rights issue of SEK 51.8m (before costs of ~SEK 6.6m), with proceeds earmarked to accelerate the Recycling segment through initiatives such as expanding commercial reach and strengthening customer support. Management estimates an obtainable market of ~EUR 70m (on the assumption of 5% penetration in Europe and 2% elsewhere) vs. Recycling sales of ~EUR 2.2m in '25, implying substantial potential sales upside. The share has returned -32% L3M (vs. peers at -21%, OMXSALLS at +5%) and is currently trading at 1.1x-0.9x '26e-'27e EV/Sales.</p></td></tr></table>