<a id="bm-comp-072b58a6-0d69-4a02-b58f-44f386432b6f" name="bm-comp-072b58a6-0d69-4a02-b58f-44f386432b6f" class="BMCustomAnchor"></a><table><tr><td bm-component-id="072b58a6-0d69-4a02-b58f-44f386432b6f" style="vertical-align: top; width:100.000000%;"><ul><li>Adj. EBITA 1% vs cons, -2% vs ABGSCe, up 3% y-o-y</li><li>Continued margin increase, and org. growth to improve in Q4-Q1</li><li>Estimates likely largely unchanged; CC at 10:00 CET</li></ul></td></tr></table><a id="bm-comp-78d88940-f9c2-4483-aecd-90ddbfee4969" name="bm-comp-78d88940-f9c2-4483-aecd-90ddbfee4969" class="BMCustomAnchor"></a><table><tr><td bm-component-id="78d88940-f9c2-4483-aecd-90ddbfee4969" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2 results</h3><p>Sales were stable but slightly below expectations (-2% vs ABGSCe and Infront consensus), driven by Norway and Denmark (6% and 3% below cons). Sales declined 3% y-o-y, whereof organic growth was -3% (positive in Sweden/Finland, and negative in Norway/Denmark). Adj. EBITA was SEK 170m, +3% y-o-y (-2% vs ABGSC and 1% vs cons), holding up better due to efficiency gains driving margin expansion (5.5% vs 5.2% last year). EBIT and net profit were in line with cons. FCF was weak due to seasonality and in line with last year (SEK -8m vs -9m last year) and the LTM cash conversion of 47% was in line with last quarter. Gearing of 2.5x was up slightly from 2.3x in Q1 due to the dividend and seasonal cash flow but down vs 2.9x last year.</p><h3 class="bm-h3">Outlook and estimate changes</h3><p>Management said it looks forward to the rest of 2026 with confidence and expect that its initiatives to boost add-on sales will bear fruit. Near-term, comps remain tough on organic growth due to the contract losses in Denmark and high variable volumes in Norway in Q3 last year. But as these effects fade from Q4-Q1, we think Coor is well-positioned to come back to solid organic growth, while margins should continue to improve. We do not expect any material estimate changes on the back of the Q2 numbers.</p><h3 class="bm-h3">Final thoughts</h3><p>Overall, it was a solid report. The share has been weak into number, -14% L3M vs OMXSGI +3% and closest peer ISS +17%, and now trades at 10x adj. P/E and 10x EV/adj. EBITA on our 2027e vs its five-year average of 12x (NTM).</p><p>Management will host a presentation of the report at 10:00 CET, you can use this <a data-bm-trackable="false" href="https://coor.events.inderes.com/q2-report-2026/register" target="_blank">link</a> to participate.</p></td></tr></table><a id="bm-comp-20182c8e-c4f3-4b1e-98c7-cb403065bc0d" name="bm-comp-20182c8e-c4f3-4b1e-98c7-cb403065bc0d" class="BMCustomAnchor"></a><table><tr><td bm-component-id="20182c8e-c4f3-4b1e-98c7-cb403065bc0d" style="vertical-align: top; width:100.000000%;"><table id="bm-img-26e3e910-f54d-4549-bc33-0c08a282c07e" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Deviations</td></tr><tr><td><img bm-img-encrypt="26e3e910-f54d-4549-bc33-0c08a282c07e" bm-img-original-height="753" bm-img-original-width="649" bm-img-svg="image:image_upload/97559_f0df6fb9-c69c-45ff-8833-26a0f40e131e.svg" bm-img-width-hint="89.27%" id="bm-id-26e3e910-f54d-4549-bc33-0c08a282c07e" src="https://abgsc.bluematrix.com/images/image_upload/97559_f0df6fb9-c69c-45ff-8833-26a0f40e131e_649.png" svg="/nas/web/clients/abgsc/images/image_upload/97559_f0df6fb9-c69c-45ff-8833-26a0f40e131e.svg" width="649" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company data, Infront consensus</td></tr></table></td></tr></table>