<a id="bm-comp-41d5efd7-2d3b-4832-b8bc-530779450be1" name="bm-comp-41d5efd7-2d3b-4832-b8bc-530779450be1" class="BMCustomAnchor"></a><table><tr><td bm-component-id="41d5efd7-2d3b-4832-b8bc-530779450be1" style="vertical-align: top; width:100.000000%;"><ul><li>Sales of SEK 405m, organic decline of ~2%</li><li>Adj. EBITA of SEK 23m, and a margin of 5.7%</li><li>Restructuring costs weigh on the quarter</li></ul></td></tr></table><a id="bm-comp-c5a262e9-855a-4214-9f59-48cf0705f181" name="bm-comp-c5a262e9-855a-4214-9f59-48cf0705f181" class="BMCustomAnchor"></a><table><tr><td bm-component-id="c5a262e9-855a-4214-9f59-48cf0705f181" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Adj. EBITA softer than expected</h3><p>Prevas reports Q2'26 net sales of SEK 405m (in line with ABGSCe SEK 407m), down slightly y-o-y with a negative organic growth of 2%. Adj. EBITA, which excludes SEK 8.0m of restructuring costs taken during the quarter, came in at SEK 23m (vs. ABGSCe SEK 28m), corresponding to a margin of 5.7% (vs. ABGSCe 6.9%).</p><h3 class="bm-h3">Finland the swing factor</h3><p>The quarter was shaped almost entirely by Finland, where cutbacks at large customers and postponed investment decisions weighed on results. We see this as a temporary setback rather than a sign of deeper structural issues, and view management's response as a necessary step given the weaker market backdrop. On another note, ~SEK 55m of new business was signed in June, including new Defence customers, pointing to a segment that remains fundamentally strong. Defence itself kept growing, with sales up 8% y-o-y to SEK 68m, and LTM defence revenue now ~SEK 280m (~17% of group sales).</p><h3 class="bm-h3">Valuation and outlook</h3><p>On our unrevised estimates, Prevas is trading at 8x adj. EV/EBITA, around 25% below the peer group, despite offering higher margins and stronger long-term growth prospects, in our view. The company is slowly but steadily heading toward a better cost structure and, on that front, signed orders which are likely to improve results in the coming quarters. Management will hold a presentation at CET 09.30 (<a data-bm-trackable="false" href="https://www.finwire.tv/webcast/prevas/q2-2026/" target="_blank">link</a>).</p><table id="bm-img-50a58b62-f2c1-41bf-bdae-588946546b54" 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="50a58b62-f2c1-41bf-bdae-588946546b54" bm-img-original-height="279" bm-img-original-width="608" bm-img-svg="image:image_upload/97673_f9e8f293-8d9c-476b-b9c2-2e849b9ef8c5.svg" bm-img-width-hint="83.63%" id="bm-id-50a58b62-f2c1-41bf-bdae-588946546b54" src="https://abgsc.bluematrix.com/images/image_upload/97673_f9e8f293-8d9c-476b-b9c2-2e849b9ef8c5_608.png" svg="/nas/web/clients/abgsc/images/image_upload/97673_f9e8f293-8d9c-476b-b9c2-2e849b9ef8c5.svg" width="608" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company data</td></tr></table></td></tr></table>