Coor Service Management Holding

* Q1 highlights long-term upside to margins * Adj. EBITA +0-2% on '26e-'28e; 8% CAGR '25-'28e * Near-term focus will be on allocating cash flow Strong performance in Sweden partly offset by DK/NO Coor continued to demonstrate better margins in Q1, driven...

* Adj. EBITA +16% y-o-y, 9% above Infront consensus * Beat driven by strong margins, while organic growth remains muted * Estimates to come up 3-4% on '26e-'27e; CC at 10:00 CET Q1 results Sales were SEK 3,014m (-2% vs ABGSC 3,087m and -1% vs cons 3,...

* Clear initiatives for efficiency gains presented* Focus on add-on sales and M&A to re-accelerate growth* Potential upside to cons '27e as 5.5% margin could be reached Clear case for further efficiency gains We attended Coor's CMD held at its HQ in ...