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Third party research

Proact: Adj. EBITA beat in prel Q1 - ABG

Proact IT Group

This is a third party research report and does not necessarily reflect our views or values

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* Positive PW: Adj. EBITA +36% vs ABG (mid-point)
* Temporary boost from memory crisis and positive effects from cost-efficiencies
* FY 2026 adj. EBITA likely up 10-15%

Positive PW in Q1

Proact published preliminary Q1 numbers this morning, above market expectations, with adj. EBITA 110-120m (+29-41% vs ABG, no cons), adj. EBITA margin 9-9.5% (ABG 6.9%). This is implies sales of SEK ~1,222-1,263m (-1% to +3% vs ABG). The positive adj. EBITA deviation is explained by both higher gross margin driven by temporary market conditions (pre-buying due to higher memory prices), as well as effects following cost-efficiency measures mainly implemented in 2025. Full report is due 5 May.

2026 EBITA likely up 10-15%

Proact mentions "temporary market conditions", so limited long-term effects, but as deviation is also driven by cost reductions these are of recurring nature and most likely linked to segments West (Netherlands) and Central (Germany). We expect the pre-buying boost to stick for another 1-2 quarters, but could linger into 2027. Consensus FY EBITA likely raised by 10-15%, and stock to outperform today.
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