<a id="bm-comp-9fa7ce87-a705-4a4c-b0c0-d1bc75d46a39" name="bm-comp-9fa7ce87-a705-4a4c-b0c0-d1bc75d46a39" class="BMCustomAnchor"></a><table><tr><td bm-component-id="9fa7ce87-a705-4a4c-b0c0-d1bc75d46a39" style="vertical-align: top; width:100.000000%;"><ul><li>Net sales SEK 557m, +5% vs ABGSCe, +4% vs Factset cons.</li><li>EBITA SEK 87m, +10% vs ABGSCe, +7% vs cons</li><li>Outlook: gradually better market</li></ul></td></tr></table><a id="bm-comp-ef23d9c0-b874-471c-bb1e-f29c163bbd8f" name="bm-comp-ef23d9c0-b874-471c-bb1e-f29c163bbd8f" class="BMCustomAnchor"></a><table><tr><td bm-component-id="ef23d9c0-b874-471c-bb1e-f29c163bbd8f" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q4 in brief: Better across all markets</h3><p>Our impression is that Svedbergs Group's Q4'25 report is better than Factset consensus estimates overall. The Group reports net sales of SEK 557m, for organic growth of 10% y-o-y. This is +5% vs ABGSCe and +4% vs cons. Looking closer at the three largest segments, Svedbergs grew 19%, Roper Rhodes by -4% (+6.5% org.) and Thebalux by 6% (11% org.), which means the deviation to our sales estimate was driven by Svedbergs and Thebalux. All segments delivered positive org. growth and all except Roper Rhodes deliered an improved margin y-o-y. Roper Rhodes' margin decline was driven by a positive margin impact from freight provisions in the comparable quarter, and was expected. Gross margins grew -50bp y-o-y to 47.2%, the freight provisions explain the decline in full according to our understanding. Despite the softer gross margin, EBITA margins expanded 40bp y-o-y, for EBITA of SEK 87, +10% vs ABGSCe and +7% vs cons. This is partly due to a strong margin development in the Svedbergs brand, which improved 5pp y-o-y. Svedbergs' board has proposed a dividend per share of SEK 2, just shy of 50% of '25 EPS, which can be compared to our DPS forecast of SEK 1.75 (based on a 50% payout ratio as well).</p><h3 class="bm-h3">Outlook: Looks forward to a gradually better market</h3><p>In the Q3 report, Svedbergs Group said the current market climate remained uncertain but manageable, and we assessed that the message was of a delayed recovery driven by this uncertainty. In Q4, it says that while the market outlook is still uncertain, it looks forward to a gradual market improvement during the year.</p><h3 class="bm-h3">The share is trading at 11x-10x '26e-'27e EV/EBITA</h3><p>The share has returned 8% L3M, and is now trading at 11x-10x our '26e-'27e EV/EBITA vs a historical trading range of 7x-11x NTM. The Q4 report moves consensus' '25e EBITA by 2%.</p><p>Svedbergs Group hosts a conference call and Q&A today at 10:00 CET, a dial-in link can be found here.</p></td></tr></table><a id="bm-comp-bd1df6ec-872d-4525-9501-1d6a47e4d904" name="bm-comp-bd1df6ec-872d-4525-9501-1d6a47e4d904" class="BMCustomAnchor"></a><table><tr><td bm-component-id="bd1df6ec-872d-4525-9501-1d6a47e4d904" style="vertical-align: top; width:100.000000%;"><table id="bm-img-c090b0b7-553e-4be5-a2d9-ae0b4815e3eb" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Deviation table</td></tr><tr><td><img bm-img-encrypt="c090b0b7-553e-4be5-a2d9-ae0b4815e3eb" bm-img-original-height="703" bm-img-original-width="1249" bm-img-svg="image:image_upload/93570_641627e9-8fc2-40d1-aecc-473a87b27b29.svg" bm-img-width-hint="100%" id="bm-id-c090b0b7-553e-4be5-a2d9-ae0b4815e3eb" src="https://abgsc.bluematrix.com/images/image_upload/93570_641627e9-8fc2-40d1-aecc-473a87b27b29_727.png" svg="/nas/web/clients/abgsc/images/image_upload/93570_641627e9-8fc2-40d1-aecc-473a87b27b29.svg" width="727" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Factset, company data</td></tr></table></td></tr></table>