<a id="bm-comp-8528c330-520d-4699-923f-471052a47978" name="bm-comp-8528c330-520d-4699-923f-471052a47978" class="BMCustomAnchor"></a><table><tr><td bm-component-id="8528c330-520d-4699-923f-471052a47978" style="vertical-align: top; width:100.000000%;"><ul><li>Server prices surge amid memory shortage, causing pricing tailwind...</li><li>...but also volume setback and potentially increased price competition</li><li>'26e-'27e adj. EBITA -3%, 30% EBITA growth y-o-y in Q2e</li></ul></td></tr></table><a id="bm-comp-74a80c98-c6f6-4641-89b2-a76dc86c4a88" name="bm-comp-74a80c98-c6f6-4641-89b2-a76dc86c4a88" class="BMCustomAnchor"></a><table><tr><td bm-component-id="74a80c98-c6f6-4641-89b2-a76dc86c4a88" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Volatile market conditions create estimate uncertainty</h3><p>The global shortage of memory components due to data centre expansion is creating large price increases on servers and storage disks that Proact re-sells in its system offering (from partners Dell and NetApp). Both Dell and NetApp reported accelerated growth rates and better-than-expected sales in <a data-bm-trackable="false" href="https://abg-portal.bluematrix.com/links2/pdf/a2c918ad-a4f0-4c5e-8b02-dccf2f950e65?firmId=45691" target="_blank">their recent quarters</a> (expected to accelerate further ahead), supporting our thesis of good momentum and a pricing tailwind for Proact. However, we also understand that current market conditions are affecting delivery times negatively, i.e. <a data-bm-trackable="false" href="https://covenco.com/insights/article/enterprise-hardware-lead-times-2026/" target="_blank">increasing them</a>, which means that even though orders may be strong (which Proact does not report), sales recognition may become more spread out over Q2e-Q4e. The higher prices likely also create tougher price competition among re-sellers in the market as customers are looking for as low prices as possible, to a larger extent than under normal market conditions, as well as having a small negative effect on other IT spending (like service sales for Proact) due to less headroom in IT budgets. For Q2 we estimate 8% organic growth in system sales and 0% in service sales, resulting in a group organic growth rate of 5%. As a result of cost actions made, we estimate an adj. EBITA of SEK 98m, up 30% y-o-y, for another good earnings growth quarter.</p><h3 class="bm-h3">Small negative estimate changes</h3><p>We leave our sales estimates unchanged but decrease '26e-'27e adj. EBITA by 3% due to somewhat delayed delivery times and increased competition in the market.</p><h3 class="bm-h3">Share at 8.1x 2026e EV/EBITA</h3><p>On our updated estimates and post a strong share price increase (+42% L3M), the share currently trades at 8.1x 2026e EV/EBITA.</p></td></tr></table>