<a id="bm-comp-afcc84d6-0317-453c-99b7-81f5a072e63c" name="bm-comp-afcc84d6-0317-453c-99b7-81f5a072e63c" class="BMCustomAnchor"></a><table><tr><td bm-component-id="afcc84d6-0317-453c-99b7-81f5a072e63c" style="vertical-align: top; width:100.000000%;"><ul><li>Record quarterly sales: SEK 60m (+11% y-o-y), +9% vs. ABGSCe</li><li>EBIT positive at SEK 0.14m (vs. ABGSCe -1.8m)</li><li>Recycling now ~17% of sales (+76% growth y-o-y)</li></ul></td></tr></table><a id="bm-comp-77daa949-3f18-4351-9959-7e662935623d" name="bm-comp-77daa949-3f18-4351-9959-7e662935623d" class="BMCustomAnchor"></a><table><tr><td bm-component-id="77daa949-3f18-4351-9959-7e662935623d" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2 results</h3><p>Nexam reported record high quarterly sales at SEK 60m (+9% vs. ABGSCe 55m), +11% y-o-y. Growth was driven by Recycling (SEK 10.2m, +76% y-o-y, first quarter above SEK 10m), with Performance Chemicals up 16% and Performance Masterbatch up 7%, while High Temperature remained soft on North American destocking. EBIT turned positive for the first time in the company's history at SEK 0.14m (vs. ABGSCe -1.8m), for a margin of +0% (ABGSCe -3%).</p><h3 class="bm-h3">Estimates and outlook</h3><p>On numbers alone, '26e-'28e sales change by +2%, and EBIT adj. changes by SEK +1.9m. Management sees "favourable conditions" for continued strong Recycling growth in H2, supported by a growing pipeline and new distributors in France and Turkey, but flags Q3 as the seasonally weaker holiday quarter.</p><h3 class="bm-h3">Valuation</h3><p>The share has returned +19% L3M (vs. peer median +5% and OMX Stockholm Allshare +3%), and is currently trading at 1.5x-1.2x '26e-'28e EV/Sales on our pre-report estimates vs. the peer median of 1.3x-0.7x. The company will host a <a data-bm-trackable="false" href="https://www.youtube.com/live/qO9DpV1dwdY" target="_blank">presentation</a> of the Q2 results at 09:30 CEST.</p></td></tr></table><a id="bm-comp-f8710733-3989-4f44-a929-404310a45102" name="bm-comp-f8710733-3989-4f44-a929-404310a45102" class="BMCustomAnchor"></a><table><tr><td bm-component-id="f8710733-3989-4f44-a929-404310a45102" style="vertical-align: top; width:100.000000%;"><table id="bm-img-cf51513a-0d0d-43bd-a925-552b4b3d74df" 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="cf51513a-0d0d-43bd-a925-552b4b3d74df" bm-img-original-height="562" bm-img-original-width="646" bm-img-svg="image:image_upload/97439_2a6e7574-3214-4d5b-8ab9-0e8783e07a4c.svg" bm-img-width-hint="88.72%" id="bm-id-1934d8b4-79f2-4901-adb9-d024cfc21883" src="https://abgsc.bluematrix.com/images/image_upload/97439_2a6e7574-3214-4d5b-8ab9-0e8783e07a4c_645.png" svg="/nas/web/clients/abgsc/images/image_upload/97439_2a6e7574-3214-4d5b-8ab9-0e8783e07a4c.svg" width="645" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier Estimates, Company Data</td></tr></table></td></tr></table>