<a id="bm-comp-6af66da9-8927-446b-ab22-1e4d6f804ded" name="bm-comp-6af66da9-8927-446b-ab22-1e4d6f804ded" class="BMCustomAnchor"></a><table><tr><td bm-component-id="6af66da9-8927-446b-ab22-1e4d6f804ded" style="vertical-align: top; width:100.000000%;"><ul><li>Volumes pre-announced, sales +1%, EBIT -10% vs. ABGSCe</li><li>Lower quarterly gross margin drives lower EBIT figure</li><li>Positive on commercial vehicle sector recovery and pipeline</li></ul></td></tr></table><a id="bm-comp-81e56b91-b4ac-4abb-adf2-80c7ac53b78d" name="bm-comp-81e56b91-b4ac-4abb-adf2-80c7ac53b78d" class="BMCustomAnchor"></a><table><tr><td bm-component-id="81e56b91-b4ac-4abb-adf2-80c7ac53b78d" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2 results</h3><p>Sales fell 12% y-o-y and were 1% above our estimate. Annualised engine equivalents produced were 3.1m, falling 9% y-o-y (3% below our estimate due to rounding compared to the pre-announced H1 figure). Sampling cups sold decreased 12% y-o-y, and were also pre-announced. With a margin of 27.0%, 3.1pp below our estimate, EBIT adj. was 10% below our estimate, mainly due to a softer quarterly gross margin.</p><h3 class="bm-h3">Estimate changes</h3><p>The Q2 numbers in isolation imply EBIT adj. comes down 2%. Management expressed optimism as H1 production recovered from the H2'25 trough, and commercial vehicle sector demand has started recovering, citing global new orders being up 30% y-o-y. The company also reiterated that its pipeline of new installation opportunities remains strong.</p><h3 class="bm-h3">Company valuation</h3><p>Over the past three months, the share has returned +5%, compared to the +6% of the OMX Stockholm Allshare. The share is currently trading at 23x-14x '26e-'28e P/E, compared to its 10-year historical median of 22x-14x.</p></td></tr></table><a id="bm-comp-985fbd05-329e-4e6a-9463-986587ff8166" name="bm-comp-985fbd05-329e-4e6a-9463-986587ff8166" class="BMCustomAnchor"></a><table><tr><td bm-component-id="985fbd05-329e-4e6a-9463-986587ff8166" style="vertical-align: top; width:100.000000%;"><table id="bm-img-1449d11d-a39a-494d-939c-8a1243168014" 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="1449d11d-a39a-494d-939c-8a1243168014" bm-img-original-height="687" bm-img-original-width="647" bm-img-svg="image:image_upload/98227_9b46aa69-4581-4161-a97e-35fc82f6407d.svg" bm-img-width-hint="88.72%" id="bm-id-0800d6ce-1c45-49c1-a4a4-1a3569b120f0" src="https://abgsc.bluematrix.com/images/image_upload/98227_9b46aa69-4581-4161-a97e-35fc82f6407d_645.png" svg="/nas/web/clients/abgsc/images/image_upload/98227_9b46aa69-4581-4161-a97e-35fc82f6407d.svg" width="645" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier Estimates, Company Data</td></tr></table></td></tr></table>