BTS Group

* CEO highlighted AI as a "big friend to our firm at the moment" * Anthropic customer case sounds attractive, while software clients slow * On track to deliver on FY guidance, share now at 10.2x NTM EV/EBITA More clarity on the AI opportunity We hosted...

* Sales 0% vs cons (2% organic growth), adj. EBITA +1% vs cons * North America and Europe better, Other markets (southeast Asia) weaker * FY guidance unchanged, estimates +1-3%, share +2-4% on good mix Q1 details Sales SEK 602m (2% vs ABG 590m, 0% vs...

* FY guidance as expected, but Q1 comments ahead of plan * '26e adj. EBITA -5-7% on lower '25 base and FX but growth recovers * 15% adj. EBITA growth 2026e, share at 7.4x EV/EBITA Focus on the positive growth outlook The Q4 report was below both our ...

* Sales -1% vs cons, adj. EBITA -14%, but North America guided to grow in Q1e * 2026 guidance: "Better EBITA than in 2025" (cons +12%) but base will come down * Estimates likely cut 5-10%, share to underperform somewhat Q4 details Sales SEK 710m (-1%...