<a id="bm-comp-4be4ea94-3c27-4de5-aed4-52d042e1d3f7" name="bm-comp-4be4ea94-3c27-4de5-aed4-52d042e1d3f7" class="BMCustomAnchor"></a><table><tr><td bm-component-id="4be4ea94-3c27-4de5-aed4-52d042e1d3f7" style="vertical-align: top; width:100.000000%;"><ul><li>Q4 sales SEK 18m (-14% y-o-y), -16% vs. ABGSCe</li><li>EBIT adj. of SEK -11m (vs. ABGSCe -5.5m)</li><li>NW&FT showing signs of improvement, weaker GC&MP and FW</li></ul></td></tr></table><a id="bm-comp-65f6f5c9-6d4b-46de-8bcd-fc907d8cac08" name="bm-comp-65f6f5c9-6d4b-46de-8bcd-fc907d8cac08" class="BMCustomAnchor"></a><table><tr><td bm-component-id="65f6f5c9-6d4b-46de-8bcd-fc907d8cac08" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q4 results</h3><p>Sales came in at SEK 18m (-16% vs. ABGSCe 22m), -14% y-o-y (-14% org.). NW&FT increased sales y-o-y, while GC&MP and FW had a challenging quarter. Management writes that the positive effect in NW&FT was partly due to a volume shift from Q3 but also slightly improving end-markets. EBIT adj. was SEK -11m (vs. ABGSCe -5.5m). EBIT was adjusted for restructuring costs and write-downs of inventory totalling SEK 7.7m. FCF lease adj. came in at SEK -1.8m (vs. ABGSCe -4.1m). During the quarter, a savings programme of SEK 20m was implemented which management writes will have almost full effect from Jan '26.</p><h3 class="bm-h3">Estimates and outlook</h3><p>On numbers alone, '25e-'27e sales change by -3%, and EBIT adj. changes by SEK 5m. On outlook, management writes that it aims to deliver significantly improved 2026 earnings, supported by a lower cost base and improving volumes.</p><h3 class="bm-h3">Valuation</h3><p>The share has returned -3% L3M (vs. peer median +2% and OMX Stockholm Allshare +5%), and is currently trading at 2.2x-2.0x '26e-'27e EV/Sales on our pre-report estimates vs. the peer median of 2.2x-1.4x.</p></td></tr></table><a id="bm-comp-e6fab9b3-070e-4d3a-a3fe-bc63ab90a1fa" name="bm-comp-e6fab9b3-070e-4d3a-a3fe-bc63ab90a1fa" class="BMCustomAnchor"></a><table><tr><td bm-component-id="e6fab9b3-070e-4d3a-a3fe-bc63ab90a1fa" style="vertical-align: top; width:100.000000%;"><table id="bm-img-d8cb5851-a5a8-4e8e-ac06-99728c23ebcc" 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="d8cb5851-a5a8-4e8e-ac06-99728c23ebcc" bm-img-original-height="643" bm-img-original-width="645" bm-img-svg="image:image_upload/94003_e7826beb-876b-4116-98e3-c7add178eef4.svg" bm-img-width-hint="88.84%" id="bm-id-d8cb5851-a5a8-4e8e-ac06-99728c23ebcc" src="https://abgsc.bluematrix.com/images/image_upload/94003_e7826beb-876b-4116-98e3-c7add178eef4_645.png" svg="/nas/web/clients/abgsc/images/image_upload/94003_e7826beb-876b-4116-98e3-c7add178eef4.svg" width="645" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier Estimates, Company Data</td></tr></table></td></tr></table>
OrganoClick - Positive sales in binders, weak elsewhere
12 februari 2026