ES Energy Save Holding

* Sales +19% vs. ABGSCe, EBIT SEK -4m (vs. -5m) * ODM/WL down 27% y-o-y but ES-branded sales up 99% * Inventory levels down, FCF positive in the quarter (SEK +1.8m) Q1 results Q1 sales were SEK 49m (-8% y-o-y and +19% vs. ABGSCe 42m). Residential continues...

* Q4: Back to growth and positive EBIT; sales +12% vs. ABGSCe * Seasonally softer H1'26e, stronger H2'26e expected * We cut '26e-'27e sales by 4-3% and total EBIT by SEK 13m Seasonally softer Q1 ahead, EBIT positive in H2e ES returned to growth in Q4...

* Sales +12% vs. ABGSCe, EBIT SEK 1.2m (vs. 2.4m) * Recovery in OEM business after weaker Q2/Q3, sales up +40% * Inventory levels down but cash flow soft, FCF of SEK -3.8m Q4 results Q4 sales were SEK 70m (+33% y-o-y and +12% vs. ABGSCe 63m). Residential...

* Q3 was softer, but better cost control was positive* '25e-'27e sales cut by 15-22% on lower volume expectations* Positive momentum into Q4, driven by OEM recovery & R290 rollout Expect a return to growth and positive EBIT in Q4 Q3 sales were SEK 46m...