<a id="bm-comp-b9620356-9c42-48ad-84d2-24f2cb6add39" name="bm-comp-b9620356-9c42-48ad-84d2-24f2cb6add39" class="BMCustomAnchor"></a><table><tr><td bm-component-id="b9620356-9c42-48ad-84d2-24f2cb6add39" style="vertical-align: top; width:100.000000%;"><ul><li>Sales SEK 60m (+9% vs. ABGSCe), first EBIT-positive quarter</li><li>We continue to forecast full-year profitability from '27e</li><li>Recycling +76% y-o-y, '26 doubling ambition intact</li></ul></td></tr></table><a id="bm-comp-742f0b8d-0845-4c2b-b71a-7d9f3205d079" name="bm-comp-742f0b8d-0845-4c2b-b71a-7d9f3205d079" class="BMCustomAnchor"></a><table><tr><td bm-component-id="742f0b8d-0845-4c2b-b71a-7d9f3205d079" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2 results</h3><p style="text-align:left;">Nexam reported record quarterly sales of SEK 60m (+11% y-o-y, +9% vs. ABGSCe), after a weaker Q1. Recycling was again the highlight at SEK 10.2m (+76% y-o-y), passing SEK 10m in a quarter for the first time, while Performance Chemicals rose 16% and Masterbatch 7%. Lightweighting improved vs. a weak Q1, although management notes quarterly fluctuations remain, and High Temperature is still held back by NA destocking. EBIT came in positive at SEK 0.1m (ABGSCe -1.8m). The profitability came from operating leverage: +11% sales growth on a broadly flat cost base.</p><h3 class="bm-h3" style="text-align:left;">Estimate changes</h3><p>We only partially extrapolate the strong Q2 into the rest of '26e, as quarterly sales remain volatile and management flags Q3 as the seasonally weaker holiday quarter. We raise '26e-'28e sales by 1-2% and total EBIT by SEK 3m after the report, and continue to expect Nexam to reach positive full-year EBIT in '27e.</p><h3 class="bm-h3">Recycling becoming an earnings driver</h3><p>At ~17% of sales and growing 76%, Recycling is transitioning from option value to earnings driver, supported by the virgin-price surge (PET/PE +40% in June per management) that shifts recycling from sustainability choice to cost necessity, consistent with the thesis in our Q1 note. The concentration point cuts both ways: growth so far is driven by a few large accounts ramping up, and the pipeline's conversion to serial production is the key swing factor for the doubling ambition in 2026. The share has returned +39% L3M (vs. peers +5%, OMXSALLS +3%) and is trading at 1.7x-1.3x '26e-'28e EV/Sales vs. the peer median of 1.3x-0.7x.</p></td></tr></table>