* Sales +48% y-o-y, in line with cons
* EBIT 28% below, partly due to SEK 6m one-offs (adj. -18%)
* Cons to cut '26e EBIT by ~5% on lower GMs, share down similarly
Q2 results
Sales SEK 245m (-1% vs ABGSCe 246m and 0% vs cons 246m), EBIT 47m (-31% vs ABG 68m and -28% vs cons 65m). Note that Q2 EBIT was impacted by a cost periodisation of SEK 6m that should have been allocated to Q1. Adjusting for this, EBIT would have been SEK 53m, or 18% below consensus. Furthermore, FCF was solid at SEK 76m (SEK 93m in Q2'25), resulting in a NIBD of SEK 112m, down from 191m in Q1'26.
Q2 thoughts
Terminal sales were in line with last quarter, which was expected. Meanwhile, SATCOM was only slightly below our estimate, but down 9% q-o-q because some previous orders have not yet been renewed (including SSC). The gross margin impacted by aforementioned item. If we adjust for that, it was ~62%, which was in line with Q1 (though the stronger-than-expected Q1 figure had previously made us extrapolate that number). Order activity during the quarter was slow, but has improved after the end of the quarter, which bodes well for better figures in H2. We are especially encouraged by the SEK 74m renewal order from a EU NATO country as it represents the start of an initiative to add more countries to a satellite communication coalition.
Estimate changes
At a first glance, we expect consensus to lower '26e EBIT by ~5%, with lower gross margin assumptions offset by improved order activity (including yesterday's SEK 36m terminal order). Although there were some one-offs, we expect the stock to underperform the market today, down in line with revisions. The valuation is sitting at 15x '26e EV/EBIT on our unrevised estimates. There is a webcast at 14.00 CET (link).