Svedbergs Group

* Net sales SEK 592m, 0% vs ABGSCe, -1% vs Factset cons. * EBITA SEK 81m, -3% vs ABGSCe, -7% vs cons * Nordic markets remain soft Q2 in brief: muted growth, Nordics and UBC dilute the margin Our overall impression is a soft quarter vs consensus, but ...

* UK RM&I forecast cut to -8% in 2026 * We include UBC in our model, '27e EBITA +8% * We raise our fair value range to SEK 57-77 (55-75) Deceleration on tougher comps, Q2e EBITA +1% y-o-y We expect Svedbergs Group to decelerate in Q2: comparable growth...

* Svedbergs Group acquires Czech Group UBC s.r.o. * Acquires 80% initially, remaining 20% planned in the next 3-5y * Adds 16% to net sales, 13% to EBITA Adds 13% to our '26e EBITA Svedbergs Group has announced the acquisition of Czech bathroom furniture...

* EBITA margin +20bp y-o-y supported by price adjustments * Warehouse move could offset opex inflation from Q4'26 * We reiterate our fair value range of SEK 55-75 Defends margins through price Demand differed significantly across markets in Q1, although...