<a id="bm-comp-36323287-183a-422a-a563-066acb769815" name="bm-comp-36323287-183a-422a-a563-066acb769815" class="BMCustomAnchor"></a><table><tr><td bm-component-id="36323287-183a-422a-a563-066acb769815" style="vertical-align: top; width:100.000000%;"><ul><li>Memory prices boost system sales in Q2-Q3e</li><li>Cost initiatives paying off s<font color="#00204E">imultaneously</font>, adj. EBITA +8-22%</li><li>Share now trading at 6.8x 2026e EV/EBITA</li></ul></td></tr></table><a id="bm-comp-2553c154-3aa9-453c-bb65-d321dc565d03" name="bm-comp-2553c154-3aa9-453c-bb65-d321dc565d03" class="BMCustomAnchor"></a><table><tr><td bm-component-id="2553c154-3aa9-453c-bb65-d321dc565d03" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Market tailwinds starting to become visible</h3><p>Proact had already pre-announced a strong EBITA growth in Q1, and the full report confirmed this. Although organic sales growth did not accelerate meaningfully (3%), we expect to see higher growth rates in the coming quarters, driven by both higher memory prices in the market and pre-buying activities. The main driver for the EBITA beat was, however, cost initiatives in 2025, which should also pave the way for significant earnings growth in 2026e. The margin recovery in the West and Central segments (both positive in Q1) is also encouraging to see, as the turnaround activities are starting to bear fruit.</p><h3 class="bm-h3">Adj. EBITA 8-22%</h3><p>We have updated our numbers after the positive Q1 PW and the full report released earlier this week. We raise near-term estimates on organic system sales due to rising memory prices, resulting in 1-4% higher sales estimates in 2026-28e. Combined with solid gross margins and a lower cost base, we raise EBITA by 8-22% in 2026-28e. Our EPS revisions are larger due to a lower number of shares post share buybacks.</p><h3 class="bm-h3">Share at 6.8x 2026e EV/EBITA</h3><p>On our revised estimates, the share is trading at 6.8x 2026e EV/EBITA. We estimate that the 47% adj. EBITA growth in Q1 will continue in the coming quarters (41% in Q2e and 34% in Q3e), driving a strong 2026e.</p></td></tr></table>