<a id="bm-comp-632acdf6-834d-478e-9a97-99af23bba8aa" name="bm-comp-632acdf6-834d-478e-9a97-99af23bba8aa" class="BMCustomAnchor"></a><table><tr><td bm-component-id="632acdf6-834d-478e-9a97-99af23bba8aa" style="vertical-align: top; width:100.000000%;"><ul><li>Sales +19% vs. ABGSCe, EBIT SEK -4m (vs. -5m)</li><li>ODM/WL down 27% y-o-y but ES-branded sales up 99%</li><li>Inventory levels down, FCF positive in the quarter (SEK +1.8m)</li></ul></td></tr></table><a id="bm-comp-d2815919-af53-41bc-9484-97a4fc8206b5" name="bm-comp-d2815919-af53-41bc-9484-97a4fc8206b5" class="BMCustomAnchor"></a><table><tr><td bm-component-id="d2815919-af53-41bc-9484-97a4fc8206b5" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q1 results</h3><p style="text-align:left;">Q1 sales were SEK 49m (-8% y-o-y and +19% vs. ABGSCe 42m). Residential continues to be the sales driver, with sales of SEK 44m (vs. 49m LY), while Commercial sales remain softer but were up slightly y-o-y (SEK 3m, +50% y-o-y). While ODM/WL sales were down y-o-y, we find it encouraging that ES-branded sales increased in the quarter to SEK 16m (+99% y-o-y), now representing 32% of sales (vs. 15% LY). EBIT came in at SEK -4m (vs. ABGSCe -5m, -4m LY). Moreover, although we find it positive that inventory levels were down, and FCF was on the positive side at SEK 1.8m (-20m LY). The company ended the quarter with a cash balance of SEK 24m (29m LY).</p><h3 class="bm-h3" style="text-align:left;">Estimate changes and outlook</h3><p>On numbers alone, '26e-'28e sales is impacted by +3-2% and EBIT by SEK +0.5m (vs. FY'26e estimate of SEK -1m). On outlook management reiterates the break-even ambition for FY'26. Moreover, Q2'26 is guided to be weak as ODM/WL customers rebalance inventories, mirroring the Q2'25 pattern (when group sales troughed at SEK 15m). A rebound is expected in H2'26e (in line with our estimates).</p><h3 class="bm-h3" style="text-align:left;">Valuation</h3><p style="text-align:left;">Prior to today's report, the share was up 49% L3M and is on our pre-report estimates and is trading at 10x-5x '27e-'28e P/E on our pre-report estimates. The company will host a <a data-bm-trackable="false" href="https://player.videosync.fi/finwire/energy-save-q1-2026/dial-in" target="_blank">presentation</a> of the Q1 results at 10:00.</p></td></tr></table><a id="bm-comp-2ca41714-c38f-4009-b6a3-1f492d6c3d48" name="bm-comp-2ca41714-c38f-4009-b6a3-1f492d6c3d48" class="BMCustomAnchor"></a><table><tr><td bm-component-id="2ca41714-c38f-4009-b6a3-1f492d6c3d48" style="vertical-align: top; width:100.000000%;"><table id="bm-img-e1642e74-13b1-4da7-9809-43480ef8ecc8" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Quarterly outcome vs. expectations</td></tr><tr><td><img bm-img-encrypt="e1642e74-13b1-4da7-9809-43480ef8ecc8" bm-img-original-height="595" bm-img-original-width="703" bm-img-svg="image:image_upload/96261_d5ddc514-5777-4800-b959-eac31f135127.svg" bm-img-width-hint="96.70%" id="bm-id-2bc35ad1-094b-4a47-8ae6-ba0465622289" src="https://abgsc.bluematrix.com/images/image_upload/96261_d5ddc514-5777-4800-b959-eac31f135127_703.png" svg="/nas/web/clients/abgsc/images/image_upload/96261_d5ddc514-5777-4800-b959-eac31f135127.svg" width="703" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td></tr></table>