Embellence Group

* Net sales SEK 195m, +1% vs ABGSCe, -1% vs Factset cons. * EBITA SEK 26m, vs ABGSCe SEK 25m, cons. SEK 26m * Keeps upgrading e-commerce platforms Q4 in brief: in line, external manufacturing grew strongest Overall, we believe Embellence Group's Q4 report...

* We expect broad-based organic growth * Q4e net sales of SEK 193m, EBITA of SEK 25m * We reiterate our SEK 36-43 fair value range All companies but Artscape to grow 4-5% org. in Q4e We expect little deviation from the YTD momentum into Q4. On tougher...

* Aims to grow DTC by ~30% CAGR next three years* We lower our '26e-'27e EBITA by 3-2% on cost ramp-up* We reiterate our fair value range of SEK 36-43Ramp-up phase for future payoffFor Embellence Group, Q3'25 looks to be the start of the transformation...

* Net sales SEK 174m, -3% vs ABGSCe* EBITA SEK 24m, -18% vs ABGSCe* Cole & Son platform to be upgraded in Q4'25Q3 in brief: below our expectationsEmbellence Group's Q3 report is slightly below expectations overall. Net sales of SEK 174m was -3% vs ABGSCe...

* We expect an uneventful Q3* Q3e net sales of SEK 179m, EBITA of SEK 29m* We reiterate our SEK 36-43 fair value range Accelerating into Q3e on easier comps Heading into Q3, we expect little change in underlying momentum vs. Q2, and forecast organic ...

Q2: better momentum for the largest brands In Q1, Boråstapeter returned to organic growth. In Q2, growth accelerated to 9% y-o-y. Coupled with a strong performance for Artscape, which grew 19% organically on a tough growth comp, and External sales advancing...

Q2 in brief: report in line, good gross margin Embellence Group's Q2 report is in line overall. Net sales of SEK 193m was +2% vs ABGSCe, in line with Factset cons, corresponding to 1% y-o-y growth (+4% org.). Growth was driven by the Boråstapeter and...