<a id="bm-comp-fc7da625-eae6-48d1-808b-280c3f5f1f03" name="bm-comp-fc7da625-eae6-48d1-808b-280c3f5f1f03" class="BMCustomAnchor"></a><table><tr><td bm-component-id="fc7da625-eae6-48d1-808b-280c3f5f1f03" style="vertical-align: top; width:100.000000%;"><ul><li>Sales SEK 1,558m & EBIT 68m</li><li>Earnings beat across all segments</li><li>Share currently trading at 15-10x '26e-'27e EV/EBIT</li></ul></td></tr></table><a id="bm-comp-db0f1921-d5de-4181-ab0f-c25cc90e973d" name="bm-comp-db0f1921-d5de-4181-ab0f-c25cc90e973d" class="BMCustomAnchor"></a><table><tr><td bm-component-id="db0f1921-d5de-4181-ab0f-c25cc90e973d" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2 in brief</h3><p>Strong set of numbers from Ferronordic. Sales SEK 1,558m (34% vs. ABGSCe 1,159m), EBIT 68m (65% vs. ABGSCe 41m, -5m in Q2'25) for an EBIT margin 4.4% (ABGSCe 3.6%). Earnings beat across all segments (US, Germany & Kazakhstan). Net debt came down to 1,845m (1,957m in Q1), 3.0x ND/EBITDA (3.8x in Q1), on both lower net debt and higher EBITDA.</p><h3 class="bm-h3">Outlook and estimate changes</h3><p><font style="background-color:#ffffff;">The report would mechanically raise EBIT by 14-11% '26e-'27e. Management remains optimistic about US operations and</font> environment ahead, where infra and data centers investments continue to drive growth. In Germany they expect a gradual recovery as fleet renewal requirements accumulate and a continued strong aftermarket.</p><h3 class="bm-h3">Valuation</h3><p>Prior to today's report, the share had returned +13% L1M, compared to the +4% of OMXSGI. The share is currently trading at 15-10x '26e-'27e EV/EBIT on our pre-report estimates vs. the peer median of 17-16x. The company will host a conference call at 10.00 CET, link <a data-bm-trackable="false" href="https://ferronordic.events.inderes.com/q2-report-2026" target="_blank">here</a>.</p></td></tr></table>pagebreak <a id="bm-comp-4dea2739-1fab-4c93-ac54-dd9b60639b71" name="bm-comp-4dea2739-1fab-4c93-ac54-dd9b60639b71" class="BMCustomAnchor"></a><table><tr><td bm-component-id="4dea2739-1fab-4c93-ac54-dd9b60639b71" style="vertical-align: top; width:100.000000%;"><table id="bm-img-17ebb3df-d899-4c35-af6f-b8ecc7cd6dde" 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="17ebb3df-d899-4c35-af6f-b8ecc7cd6dde" bm-img-original-height="654" bm-img-original-width="660" bm-img-svg="image:image_upload/98088_30045b71-3bcf-4f2f-8ed8-02f5cff6ff46.svg" bm-img-width-hint="90.51%" id="bm-id-f769287e-9125-48ea-9fcf-0c7a8ce33c04" src="https://abgsc.bluematrix.com/images/image_upload/98088_30045b71-3bcf-4f2f-8ed8-02f5cff6ff46_658.png" svg="/nas/web/clients/abgsc/images/image_upload/98088_30045b71-3bcf-4f2f-8ed8-02f5cff6ff46.svg" width="658" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td></tr></table>