Skolon

* Q1 sales 11% lower than ABGSCe SEK 43m * Improved gross profit, likely due to favourable mix * Likely modestly negative consensus estimate revisions Q1'26 report Skolon reported net sales of SEK 38m (-11% vs ABGSCe 43m), corresponding to a 19% y-o-...

* We expect 35% organic growth in Q1e * Q1 mix likely to be somewhat favourable * FVR of SEK 30-45 reiterated Q1 expectations We expect a solid Q1, with sales of SEK 43m, corresponding to an organic growth rate of 35%. While sales are affected by timing...

* We expect nearly 40% organic growth... * ...and gross margin expansion in '26e * Reiterate fair value range of SEK 30-45 Higher platform usage drove growth The Q4'25 report was better than we had expected. Sales increased by ~75% y-o-y, mainly driven...

* Q4 sales 20% higher than ABGSCe SEK 41m * Lower gross margin likely due to higher share of partner revenues * Likely slightly positive consensus estimate revisions Q4'25 report Skolon delivered net sales of SEK 50m (20% vs ABGSCe 41m), corresponding...

* We expect 50% organic growth in Q4e * Q4 mix is likely to be somewhat soft * FVR of SEK 30-45 reiterated Q4 expectations We expect Q4 sales of SEK 41m, which corresponds to an organic growth rate of 50%. Note that the high growth rate we expect is ...

* CEO Oliver Lundgren highlighted Skolon surpassing 1m paying users * Skolon has now reached 50% penetration in Sweden, 25% in Norway * Aims for 5m paying users in '30e by further penetration & expansion Overview of Skolon Yesterday, we hosted Skolon...

Sales -7% vs. ABGSCe at SEK 63m * International expansion weighs on earnings* Likely negative consensus estimate revisionsQ3'25 reportSkolon delivered net sales of SEK 63m (-7% vs ABGSCe 68m), corresponding to y-o-y organic growth of 18% (-10pp vs ABGSCe...

* Q3'25e organic sales growth of 28% y-o-y* We lower EBITDA on customer mix* FVR of SEK 30-45 reiteratedWhat to expect in Q3'25We expect organic growth of 28% and sales of SEK 68m in the third quarter, and we believe that growth will be driven by both...

* Minor estimate revisions* On track to reach 1m paying users in '25e* Maintain fair value range of SEK 30-45 International expansion continues The report was largely in line on sales, with a better EBITDA than we expected. Q2 is seasonally a quarter...

* Sales -4% vs. ABGSCe at SEK 55m * EBITDA better than expected (SEK -0.5m vs. -1.3m) * Positive consensus EBITDA estimate revisionsQ2'25 reportSkolon delivered net sales of SEK 55m (-4% vs ABGSCe 57m), corresponding to y-o-y organic growth of 36% (-...

Q2'25e organic sales growth of 45% y-o-y We raise '25e paying users by 2% FVR of SEK 30-45 reiterated What to expect in Q2'25 We expect organic growth of 45% and sales of SEK 57m in the second quarter. In late June, Skolon announced a new four-year contract...

Limited estimate revisions Promising outlook for international expansion Maintain fair value range of SEK 30-45 A small quarter with improved EBITDA The report was largely in line on sales, with a better than expected EBITDA. There was a minor, negative...

Sales -7% vs. ABGSCe at SEK 32m EBITDA better than expected (SEK -0.6m vs. -1.2m) Limited consensus sales estimate revisions Q1'25 report Skolon delivered net sales of SEK 32m (-7% vs ABGSCe 35m), corresponding to y-o-y organic growth of 37% (-11pp vs...

Q1'25e organic sales growth of 47% y-o-y Minor estimate changes FVR of SEK 30-45 reiterated What to expect in Q1'25e We expect organic growth of 47%, with sales of SEK 35m in the first quarter. We expect a solid quarter in terms of growth, primarily ...

Minor estimate revisions Swedish operations could fund future international growth Maintain fair value range of SEK 30-45 High but lumpy growth The report was largely in line with our expectations. There was a minor, negative deviation on sales (SEK ...

Sales less than 2m below ABGSCe 30m EBITDA better than expected (SEK 0m vs. -1m) Limited consensus estimate revisions Q4'24 report Skolon delivered net sales of SEK 28m (-6% vs ABGSCe 30m), corresponding to y-o-y organic growth of 18% (-7pp vs ABGSCe...

Q4'24e organic sales growth of 24% y-o-y Minor estimate changes FVR of SEK 30-45 reiterated What to expect in Q4'24e We expect solid sales in Q4, but relatively weaker growth compared to previous quarters of the year, as the quarter is seasonally influenced...

CEO highlighted churn of 1.8% International content providers are key for growth Potential M&A opportunities in fragmented market Existing geographies have a long runway for growth Today we hosted Skolon's CEO, Oliver Lundgren, at ABGSC's Investor Days...

'24e-'26e sales up 3-2% In line to reach annual growth target of ~50% Revised FVR of SEK 30-45 (25-40) Sales driven by evenly balanced ARPPU and volume growth Q3 net sales and the number of paying users came in 7% above and 1% below our estimates, respectively...