<a id="bm-comp-14ab4170-5c27-4629-8331-9dfea9cad150" name="bm-comp-14ab4170-5c27-4629-8331-9dfea9cad150" class="BMCustomAnchor"></a><table><tr><td bm-component-id="14ab4170-5c27-4629-8331-9dfea9cad150" style="vertical-align: top; width:100.000000%;"><ul><li>Q2e: 22% sales growth and adj. EBITA margin of 6.0% (4.8%)</li><li>We raise '26e-'28e adj. EBITA by ~1% on updated FX rates</li><li>Trading at 14x/10x '26e/'28e P/E vs Nordic EMS peers at 16x/12x</li></ul></td></tr></table><a id="bm-comp-42df3b33-ea6d-42b7-8393-b98e40146a7b" name="bm-comp-42df3b33-ea6d-42b7-8393-b98e40146a7b" class="BMCustomAnchor"></a><table><tr><td bm-component-id="42df3b33-ea6d-42b7-8393-b98e40146a7b" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2 expectations</h3><p>We expect Q2'26 sales of SEK 654m, up 22% y-o-y, driven by 13% organic growth, 8% from M&A, and a small FX tailwind, leaving sales roughly flat sequentially vs Q1's underlying level. We forecast an adj. EBITA margin of 6.0% (4.8%), a bit below Q1's very strong 7.0%, as we are slightly cautious of extrapolating that rate fully, as margins have historically swung quite a bit between Q1 and Q2. On a segment level, we expect Inission (EMS) sales of SEK 610m at a 6.0% adj. EBITA margin (6.6%) and Inission Power (OEM) sales of SEK 117m at a 2.0% margin (-6.2%), with Power's recovery continuing against weak comparables.</p><h3 class="bm-h3">Estimate changes</h3><p>We raise '26e-'28e adj. EBITA by around 1%, purely as a result of updated FX rates.</p><h3 class="bm-h3">Outlook and valuation</h3><p>Management guides for '26 sales of SEK 2,300-2,500m at a >6% adj. EBITA margin; we forecast SEK 2,650m at 6.6%, above the top end of the range, which we believe leaves room for a guidance upgrade in connection with either this report or the next, supported by the R12m order intake of SEK 2,500m and a positive growth trend. The share is currently trading at 14x/10x '26e/'28e P/E, versus Nordic EMS peers at 16x-12x.</p></td></tr></table>