<a id="bm-comp-24e077f8-6b11-4159-88c2-e9775cd4162b" name="bm-comp-24e077f8-6b11-4159-88c2-e9775cd4162b" class="BMCustomAnchor"></a><table><tr><td bm-component-id="24e077f8-6b11-4159-88c2-e9775cd4162b" style="vertical-align: top; width:100.000000%;"><ul><li>9% organic growth (cons 2%), adj. EBITA -5% vs cons</li><li>2026 EBITA guidance raised to "significantly better than 2025" (cons at +25%)</li><li>Slight positive revisions expected (1-3%), good AI data points, stock up 5-8%</li></ul></td></tr></table><a id="bm-comp-0a7f24c5-eea2-43b3-97b9-f22e464e4a76" name="bm-comp-0a7f24c5-eea2-43b3-97b9-f22e464e4a76" class="BMCustomAnchor"></a><table><tr><td bm-component-id="0a7f24c5-eea2-43b3-97b9-f22e464e4a76" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2 details</h3><p>Sales SEK 767m (9% vs ABG 705m, 8% vs cons 712m), adj. EBITA 94m (-5% vs ABG 99m, -5% vs cons 99m), adj. EBITA margin 12.3% (ABG 14.1%, cons 13.9%). Adj. EBITA -5% y-o-y (ABG 0%, cons 0%). Organic growth 9% (ABG 1%, cons 2%).</p><h3 class="bm-h3">Organic growth to remain positive ahead is a relief</h3><p>Sales beat in all regions (+3-16% vs cons) with >10% organic growth in North America and Europe. Positive results from AI, both revenues (+221% y-o-y, now 10% of group sales) and improved internal efficiency. BTS raises FY guidance to “significantly higher EBITA in 2026 vs 2025” vs previous “higher” (cons +25% already). Guides for continued momentum in North America, some slowdown in Europe post a strong Q2 and return to growth in Other markets in H2 (-1% in Q2), confirming the positive organic growth trend to stay.</p><h3 class="bm-h3">Guidance partly reflected in cons, stock still up on relief today</h3><p>We expect consensus to make small positive changes to 2026 EBITA (+1-3%) as estimates already reflect an upgraded guidance, while the organic growth beat and guidance upgrade signalling value should be positive for the sentiment today with valuation at 9x NTM EV/EBITA. We expect the stock to trade +5-8%. Conf call CET 15.00.</p></td></tr></table><a id="bm-comp-45003a1f-215d-4f39-9b79-ab4128418bd9" name="bm-comp-45003a1f-215d-4f39-9b79-ab4128418bd9" class="BMCustomAnchor"></a><table><tr><td bm-component-id="45003a1f-215d-4f39-9b79-ab4128418bd9" style="vertical-align: top; width:100.000000%;"><table id="bm-img-e6c652cf-e7fe-4c42-9479-900a5f7ee84f" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Deviation</td></tr><tr><td><img bm-img-encrypt="e6c652cf-e7fe-4c42-9479-900a5f7ee84f" bm-img-original-height="1024" bm-img-original-width="760" bm-img-svg="image:image_upload/98134_86d5134e-c123-47c5-957b-1ff09818feb1.svg" bm-img-width-hint="78.40%" id="bm-id-e6c652cf-e7fe-4c42-9479-900a5f7ee84f" src="https://abgsc.bluematrix.com/images/image_upload/98134_86d5134e-c123-47c5-957b-1ff09818feb1_570.png" svg="/nas/web/clients/abgsc/images/image_upload/98134_86d5134e-c123-47c5-957b-1ff09818feb1.svg" width="570" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, FactSet, company data</td></tr></table></td></tr></table>