<a id="bm-comp-47496953-2558-4d79-bf79-164f4345ed0d" name="bm-comp-47496953-2558-4d79-bf79-164f4345ed0d" class="BMCustomAnchor"></a><table><tr><td bm-component-id="47496953-2558-4d79-bf79-164f4345ed0d" style="vertical-align: top; width:100.000000%;"><ul><li><font color="#000000"><font style="background-color:#ffffff;">Sales -1%, adj. EBITA -8% vs. FactSet consensus</font></font></li><li><font style="background-color:#ffffff;">Earnings miss driven by Sweden and Norway</font></li><li>Expect consensus adj. EBITA to come down 2%</li></ul></td></tr></table><a id="bm-comp-64212d89-e6c7-497d-a1a8-18c28a7c422d" name="bm-comp-64212d89-e6c7-497d-a1a8-18c28a7c422d" class="BMCustomAnchor"></a><table><tr><td bm-component-id="64212d89-e6c7-497d-a1a8-18c28a7c422d" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q3 results</h3><p>Sales grew 5% y-o-y (+1% org.) and were 2% below our estimate (1% below FactSet consensus). With a margin of 7.3%, 0.2pp below our estimate (0.6pp below consensus), EBITA adj. was 5% below our estimate (8% below consensus). The miss vs our estimates was driven by a soft Sweden and Norway, while Finland once again improved more than we expected. EBITA included non-recurring items (-4m) with a negative margin impact of 0.2pp. There is a conference call at 11:00 CET: <a data-bm-trackable="false" href="https://www.alligo.com/en/report/q3-2026/" target="_blank">webcast</a></p><h3 class="bm-h3">Estimate changes</h3><p>We expect consensus adj. EBITA to down by 2% on the miss. Limited outlook comments, apart from a larger strategy update for 2030 which is expected to be finalised this autumn.</p><h3 class="bm-h3">Company valuation</h3><p>Over the past three months, the share has returned -11%, compared to OMX Stockholm Allshare which has been flat. The share is currently trading at 15x-10x '26e-'28e P/E, compared to its 10-year historical median of 14x-9x.</p></td></tr></table><a id="bm-comp-d6f0afa5-3ce6-4dbb-b8d7-e50d4aea510f" name="bm-comp-d6f0afa5-3ce6-4dbb-b8d7-e50d4aea510f" class="BMCustomAnchor"></a><table><tr><td bm-component-id="d6f0afa5-3ce6-4dbb-b8d7-e50d4aea510f" style="vertical-align: top; width:100.000000%;"><table id="bm-img-ddee441e-fcd1-4e75-a398-1251f350ccc5" 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="ddee441e-fcd1-4e75-a398-1251f350ccc5" bm-img-original-height="696" bm-img-original-width="765" bm-img-svg="image:image_upload/99800_49fbad97-144e-442b-acb7-78ddfdc336c1.svg" bm-img-width-hint="100%" id="bm-id-ddee441e-fcd1-4e75-a398-1251f350ccc5" src="https://abgsc.bluematrix.com/images/image_upload/99800_49fbad97-144e-442b-acb7-78ddfdc336c1_733.png" svg="/nas/web/clients/abgsc/images/image_upload/99800_49fbad97-144e-442b-acb7-78ddfdc336c1.svg" width="727" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data, FactSet</td></tr></table></td></tr></table>