<a id="bm-comp-9c411dd0-e543-482f-ad78-01f09cff16e5" name="bm-comp-9c411dd0-e543-482f-ad78-01f09cff16e5" class="BMCustomAnchor"></a><table><tr><td bm-component-id="9c411dd0-e543-482f-ad78-01f09cff16e5" style="vertical-align: top; width:100.000000%;"><ul><li>Sales +1%, EBITA +11% vs. ABGSCe, 3% org. growth</li><li>'26e-'28e EBITA estimates likely up 3-7%</li><li>Share to focus on good performance in Paving services</li></ul></td></tr></table><a id="bm-comp-5bfbbd85-ea21-4f4b-aec1-b056dd697484" name="bm-comp-5bfbbd85-ea21-4f4b-aec1-b056dd697484" class="BMCustomAnchor"></a><table><tr><td bm-component-id="5bfbbd85-ea21-4f4b-aec1-b056dd697484" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2 details</h3><p>Infrea delivered a strong report. Organic sales was +3% y-o-y, and EBITA margin at 4.4% vs Q2'25 at 3.6%. However, the beat is purely driven by Paving services while Land & Construction was weaker than we expected. In Q4'25, Infrea sold the Water & Sewage segment. We included the segment in the comparable numbers for '25. Sales came in at SEK 611m (+1% vs. ABGSCe), +3% organic (-15% Q1'26), driven by Paving services. Adj. EBITA decined SEK -5m to SEK -5m in Land & Construction (vs ABGSC at 4m, Q2'25 at 0m) while EBITA grew in Paving Services to SEK 33m (SEK 13m above ABGSCe at 20m, Q2'25 at 23m). EBITA margin came in at 4.4% (ABGSCe 4.0%) driven by Paving services.</p><h3 class="bm-h3">Estimate changes and outlook</h3><p>Looking ahead, management is not providing a formal outlook. In the report, management comments that prices for fuel and plastic materials are volatile, and that they see continued high activity linked to data centres and discussions about Swedish power supply, but also a potentially brightening outlook for residential construction. We expect estimates for '26e-'28e adj. EBITA to come up by 3-7%.</p><h3 class="bm-h3">Final thoughts</h3><p>A strong report with sales in line and EBITA above our expectations. Infrea and Netel intend to merge in Q4'26. Until then, Infrea's share price is pegged to Netel's, so we do not expect a stock-specific reaction. <font style="background-color:#ffffff;">We believe that the market will focus on the continued positive margin development resulting from Infrea's hard internal work.</font></p></td></tr></table><a id="bm-comp-cc361487-3a62-407d-b467-ec90fc88c1b7" name="bm-comp-cc361487-3a62-407d-b467-ec90fc88c1b7" class="BMCustomAnchor"></a><table><tr><td bm-component-id="cc361487-3a62-407d-b467-ec90fc88c1b7" style="vertical-align: top; width:100.000000%;"><table id="bm-img-29aac66c-d2e8-4350-a1c2-3c8e0027798d" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Outcome vs. expectations</td></tr><tr><td><img bm-img-encrypt="29aac66c-d2e8-4350-a1c2-3c8e0027798d" bm-img-original-height="670" bm-img-original-width="517" bm-img-svg="image:image_upload/97507_14928730-27e6-435b-b4e6-3e0c4e654a27.svg" bm-img-width-hint="70.98%" id="bm-id-5b37038d-e34a-4301-97d8-9f82573f2ef8" src="https://abgsc.bluematrix.com/images/image_upload/97507_14928730-27e6-435b-b4e6-3e0c4e654a27_516.png" svg="/nas/web/clients/abgsc/images/image_upload/97507_14928730-27e6-435b-b4e6-3e0c4e654a27.svg" width="516" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company data</td></tr></table></td></tr></table>