Svedbergs Group

* Saves SEK 25m annually from Q2'27, 6% of our '27e EBITA * ...to reach 15% margin in Svedbergs (the brand) * We see this as part of a longer trend and not a Q3 signal Svedbergs aims to save SEK 25m per annum from Q2'27... This morning, Svedbergs initiated...

* EBITA margin -90bp y-o-y driven by well-flagged UK logistics... * ...which are likely to weigh on Q3-Q4 as well before move is done * We reiterate our fair value range of SEK 57-77 Undramatic Q2, Thebalux was strong UK growth slowed driven by softer...

* 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...