<a id="bm-comp-381847f9-7e6a-4ffe-9c26-96c894538b66" name="bm-comp-381847f9-7e6a-4ffe-9c26-96c894538b66" class="BMCustomAnchor"></a><table><tr><td bm-component-id="381847f9-7e6a-4ffe-9c26-96c894538b66" style="vertical-align: top; width:100.000000%;"><ul><li>Sales +1%, adj. EBITA +2% vs. FactSet consensus</li><li>Slight beat driven by Finland improving faster again</li><li>Expect consensus adj. EBITA to come up 1-2%</li></ul></td></tr></table><a id="bm-comp-15db0070-66e2-40f8-b64a-10aeff8be0a6" name="bm-comp-15db0070-66e2-40f8-b64a-10aeff8be0a6" class="BMCustomAnchor"></a><table><tr><td bm-component-id="15db0070-66e2-40f8-b64a-10aeff8be0a6" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2 results</h3><p>Sales grew 6% y-o-y (+3% org.) and were 2% above our estimate (1% above FactSet consensus). With a margin of 7.2%, 0.1pp below our estimate (0.1pp above consensus), EBITA adj. was 1% above our estimate (2% above consensus). The slight beat vs our estimates was driven by Finland once again improving more than we expected. EBITA included non-recurring items with a negative margin impact of 0.4pp. There is a conference call at 11:00 CET: <a data-bm-trackable="false" href="https://www.alligo.com/en/report/q2-2026/" target="_blank">webcast</a></p><h3 class="bm-h3">Estimate changes</h3><p>We expect consensus EBITA adj. to come up 1-2% on the slight beat.</p><h3 class="bm-h3">Company valuation</h3><p>Over the past three months, the share has returned +4%, compared to the +1% of the OMX Stockholm Allshare. The share is currently trading at 13x-10x '26e-'28e P/E, compared to its 10-year historical median of 14x-9.5x.</p></td></tr></table><a id="bm-comp-984758f4-850c-41f6-8609-c3bff81f96e0" name="bm-comp-984758f4-850c-41f6-8609-c3bff81f96e0" class="BMCustomAnchor"></a><table><tr><td bm-component-id="984758f4-850c-41f6-8609-c3bff81f96e0" style="vertical-align: top; width:100.000000%;"><table id="bm-img-118cf132-c7fd-4c5d-b8dd-9dde671150a6" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Outcome vs. estimates Q2'26</td></tr><tr><td><img bm-img-encrypt="118cf132-c7fd-4c5d-b8dd-9dde671150a6" bm-img-original-height="850" bm-img-original-width="888" bm-img-svg="image:image_upload/97651_83976e0b-1dea-460c-98b8-ac3649a53733.svg" bm-img-width-hint="100%" id="bm-id-c4bbbb53-41e9-4a28-9b8e-1de2e2000038" src="https://abgsc.bluematrix.com/images/image_upload/97651_83976e0b-1dea-460c-98b8-ac3649a53733_727.png" svg="/nas/web/clients/abgsc/images/image_upload/97651_83976e0b-1dea-460c-98b8-ac3649a53733.svg" width="727" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company Data, FactSet</td></tr></table></td></tr></table>