<a id="bm-comp-32f778cb-62a0-41e2-a511-5bcdabae7098" name="bm-comp-32f778cb-62a0-41e2-a511-5bcdabae7098" class="BMCustomAnchor"></a><table><tr><td bm-component-id="32f778cb-62a0-41e2-a511-5bcdabae7098" style="vertical-align: top; width:100.000000%;"><ul><li>Sales SEK 1,128m & EBIT 37m</li><li>Adj. EBIT mechanically raises EBIT 1%</li><li>Share is currently trading at 11-7x '26e/'27e adj. EBIT</li></ul></td></tr></table><a id="bm-comp-ae789726-cd83-4bed-9d78-feb4ac555c93" name="bm-comp-ae789726-cd83-4bed-9d78-feb4ac555c93" class="BMCustomAnchor"></a><table><tr><td bm-component-id="ae789726-cd83-4bed-9d78-feb4ac555c93" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q1 results</h3><p>Sales SEK 1,128m (-1% vs. ABGSCe 1,143m, no cons), adj. EBIT 37m (7% vs. ABGSCe 35m), adj. EBIT margin 3.3% (ABGSCe 3.0%). <font style="background-color:#ffffff;">EBIT beat vs ABGSCe driven by solid performance in Germany, alongside lower-than-expected group costs. NRIs 0m (ABGSCe 0). Net debt came up slightly to 1,957m</font> (1,607m in Q4), which is seasonally tied to NWC buildup. We hope to hear more about how management continues to work with reducing leverage during the conference call.</p><h3 class="bm-h3">Outlook and estimate changes</h3><p>Management remains optimistic about US operations and environment ahead. In Germany they expect a recovery as fleet renewal requirements build, although higher fuel prices following the conflict in the Middle East adds uncertainty. The report would mechanically raise EBIT by 1%. Concl: In-line report, good to see positive EBIT results in the historically struggling German market.</p><h3 class="bm-h3">Valuation</h3><p>Prior to today's report, the share had returned -22% L3M, compared to the +1% of OMXSGI. The share is currently trading at 11-7x '26e-'27e EV/EBIT. The company will host a conference call at 10.00 CET, link <a data-bm-trackable="false" href="https://ferronordic.events.inderes.com/q1-report-2026" target="_blank">here</a>.</p></td></tr></table>pagebreak <a id="bm-comp-66530ff4-bb59-4feb-b75d-4609eae4a44e" name="bm-comp-66530ff4-bb59-4feb-b75d-4609eae4a44e" class="BMCustomAnchor"></a><table><tr><td bm-component-id="66530ff4-bb59-4feb-b75d-4609eae4a44e" style="vertical-align: top; width:100.000000%;"><table id="bm-img-f769287e-9125-48ea-9fcf-0c7a8ce33c04" 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="f769287e-9125-48ea-9fcf-0c7a8ce33c04" bm-img-original-height="653" bm-img-original-width="658" bm-img-svg="image:image_upload/96258_0815bba5-5dee-4db1-8a3d-06019dec0b22.svg" bm-img-width-hint="90.51%" id="bm-id-f769287e-9125-48ea-9fcf-0c7a8ce33c04" src="https://abgsc.bluematrix.com/images/image_upload/96258_0815bba5-5dee-4db1-8a3d-06019dec0b22_658.png" svg="/nas/web/clients/abgsc/images/image_upload/96258_0815bba5-5dee-4db1-8a3d-06019dec0b22.svg" width="658" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td></tr></table>