<a id="bm-comp-3b5a0e57-c018-4c53-ad2a-79fce0f8596a" name="bm-comp-3b5a0e57-c018-4c53-ad2a-79fce0f8596a" class="BMCustomAnchor"></a><table><tr><td bm-component-id="3b5a0e57-c018-4c53-ad2a-79fce0f8596a" style="vertical-align: top; width:100.000000%;"><ul><li>Adj. EBITA +16% y-o-y, 9% above Infront consensus</li><li>Beat driven by strong margins, while organic growth remains muted</li><li>Estimates to come up 3-4% on '26e-'27e; CC at 10:00 CET</li></ul></td></tr></table><a id="bm-comp-ce1a59fb-7052-4d52-a5c1-4c038826d844" name="bm-comp-ce1a59fb-7052-4d52-a5c1-4c038826d844" class="BMCustomAnchor"></a><table><tr><td bm-component-id="ce1a59fb-7052-4d52-a5c1-4c038826d844" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q1 results</h3><p>Sales were SEK 3,014m (-2% vs ABGSC 3,087m and -1% vs cons 3,058m), -1% y-o-y whereof 0% organic (vs ABGSC 2%). Sweden was a tad better (1%) while other segments were below. Adj. EBITA was SEK 167m (7% vs ABGSC 156m and 9% vs cons 153m), +16% y-o-y due to positive effects of the reorganisation and higher volumes in Sweden for a group margin of 5.5% (4.7%) compared to ABGSC and consensus at 5.0%. Adj. EBITA was 7% better in Sweden and below in other segments. Lower central cost also contributed to the margin beat. Cash flow was solid, but with a lower conversion y-o-y: the r12m FCF/EBITA conversion declined to 47% (64% in Q4). Gearing continued to improve to 2.3x (2.6x in Q4).</p><h3 class="bm-h3">Outlook and estimate changes</h3><p>Management said activity in the market remains high, highlighting the public sector in Sweden and Denmark (Denmark has been highlighted as a weaker market earlier). That said, it expects organic growth to remain muted near-term due to churning contracts. We expect that the stronger than expected margins will drive 3-4% higher consensus EBITA for '26e-'27e with growth relatively unchanged (if anything a bit lower).</p><h3 class="bm-h3">Final thoughts</h3><p>The share is +13% YTD but has underperformed recently, -5% L1M vs OMXSGI +12%, which should warrant a positive reaction on the report. The share is trading at 11-10x EBITA on our unrevised '26e-'27e (8-10% lease adj. FCF yield). Management will host a conference call at 10:00 CET, use this <a data-bm-trackable="false" href="https://coor.events.inderes.com/q1-report-2026" target="_blank">link</a> to participate.</p></td></tr></table><a id="bm-comp-8dfbbdc4-39c8-4ae8-8784-d5c7128e6641" name="bm-comp-8dfbbdc4-39c8-4ae8-8784-d5c7128e6641" class="BMCustomAnchor"></a><table><tr><td bm-component-id="8dfbbdc4-39c8-4ae8-8784-d5c7128e6641" style="vertical-align: top; width:100.000000%;"><table id="bm-img-c54f73be-5961-4dc4-934a-e45454b01875" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Deviations</td></tr><tr><td><img bm-img-encrypt="c54f73be-5961-4dc4-934a-e45454b01875" bm-img-original-height="752" bm-img-original-width="647" bm-img-svg="image:image_upload/95514_c9d3d7ca-0450-4a85-af48-fa62b7ca5822.svg" bm-img-width-hint="89.00%" id="bm-id-c54f73be-5961-4dc4-934a-e45454b01875" src="https://abgsc.bluematrix.com/images/image_upload/95514_c9d3d7ca-0450-4a85-af48-fa62b7ca5822_647.png" svg="/nas/web/clients/abgsc/images/image_upload/95514_c9d3d7ca-0450-4a85-af48-fa62b7ca5822.svg" width="647" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company data, Infront consensus</td></tr></table></td></tr></table>