* 8% organic growth, sales +3% vs ABGe, adj. EBITA +7%
* High memory prices into 2027, extended lead times but favourable Q3e set-up
* Estimates +2-4%, stock to slightly outperform
Q2 details
Sales SEK 1,286m (3% vs ABG 1,247m, no cons). Adj. EBITA 105m (7% vs ABG 98m), Adj. EBITA margin 8.2% (ABG 7.9%). Organic growth 8% (vs ABG 5%), of which system sales 12% (ABG 8%) and services 3% (ABG 0%). Adj. EBITA +39% y-o-y (ABG +30%).
Volatile markets, but good execution
Proact operates in a volatile market with higher prices and extended lead times for memory components. System sales impacted positively from higher prices, but negatively from extended lead times pushing some deliveries into Q3. Full effect realised from cost program driving earnings growth y-o-y. OCF at SEK 107m (127m Q2’25) is Ok. Gross margin normalised to 23.3% (ABGe 22.6%), down from 25.2% in Q1 and more in line with 2025 levels. High memory prices to persist well into 2027. 54% y-o-y growth in cloud order intake will lead to higher recurring revenue towards end of 2026, driven by UK. Proact mentions favourable market conditions for Q3, while uncertain dynamics for Q4.
Slight positive estimate revisions and share reaction
We expect consensus to make relatively small estimate revisions on 2026 (+2-4%) and share likely to outperform the market slightly today. Conf call at CET 14.00.