Catella

* Q3 earnings miss, but restructuring supports earnings recovery * We cut '27e-/'28e EBIT by 1.8%/10% * Further operational improvements needed to drive growth Weak Q3 earnings, but cost savings to support profitability Catella reported Q3 EBIT of SEK...

* Q3 EBIT of SEK -16m, vs. ABGSC of SEK 20m and cons. SEK 26m * AUM of SEK 162bn in line with cons, while transaction activity continues to improve * Negative consensus revisions to follow Q3 reported EBIT SEK -16m, vs. ABGSC at 20m & consensus at 26m...

* Transaction activity improving while AUM remains subdued * EBIT estimates cut for 2026-28e * Cost discipline and product innovation key to recovery Gradual recovery in transaction activity, but AUM remains soft We expect transaction activity to have...

* Q2 softer than expected, but underlying activity improving * 2026-27 estimates down on softer earnings * Recovery still needs to materialise Q2 misses, but we see signs of a gradually improving market Catella's Q2 EBIT came in at SEK 8m, below ABGSCe...

* Q2 EBIT of SEK 8m, vs. ABGSC of SEK 26m and cons. SEK 15m * AUM of SEK 161bn bang in line, while transaction activity continues to improve * Negative consensus revisions to follow Q2 EBIT SEK 8, vs. ABGSC at 26m & consensus at 15m The Q2’26 underlying...