Humble Group

* '25e-'27e adj. EBITA down 6-4%* '26e-'27e: expect better margins but less org. growth* Seems more exploratory with regard to divestmentsTakeaways from the reportQ3 was slightly better than expected with regard to growth (~3pp better organic growth ...

* '25e-'27e adj. EBITA down 2-5%* Cost savings aid EBITA but slow org. growth* '26e EV/EBITA of ~8x, nearly 50% below peersWhat to expect in Q3'25We expect sales of SEK 2,025m for Q3'25, implying ~7% organic y-o-y growth in addition to a ~3% FX headwind...

Takeaways from the report The Q2 report was characterised by slightly higher organic growth than we have seen in the past year, partly as the Easter holidays occurred in mid-April (Q2) rather than in Q1 last year. Due to this effect, we anticipated H1...

- '25e-'27e adj. EBITA down 5-3% - Weaker UK retail sales could impede EBITA growth - '25e EV/adj. EBITA of ~9x, nearly 50% below peers What to expect in Q2'25 We expect sales of SEK 1,914m for Q2'25, implying ~7% organic y-o-y growth in addition to ...

'25e-'27e adj. EBITA down 3% Already strong gross margin in Q1 can turn even stronger in H2 ~9x '25e EV/EBITA is ~40% below peers Takeaways from the report The Q1 report was characterised by slightly weaker organic growth than usual because the Easter...

Sales 1% below cons, adj. EBITA in line with cons Consensus EBITA estimate revisions flat to slightly up To enter cash flow yielding phase in 2025 Q1'25 outcome The Q1 report was mostly in line with consensus' expectations. Sales SEK 1,904m (-1% vs ABG...