Morning Comment Sweden-05/18/2026

Research evidence excerpt

Morning Comment Sweden-05/18/2026

net sales -21% y/y, driven by S&P sector performance

paid listings -36% y/y (published listings -11% y/y) and ARPL +11% y/y. -6.0% -4.0% -2.0% 0.0% 2.0% 4.0%

SFPL 41% of all listings in April, in line with our 40% est. Sell-through rate Oil Integrated 3.1%

for Feb SFPL cohort in line with sell first pay later after three months at Oil E&P 2.5%

60% - supportive of inventory quality for SFPL listings. Overall a solid

month with ARPL growth holding up from Q1 and SFPL maintaining Software 2.3%

healthy penetration and sell-through rates. Start of May have been Insurance 0.7%

weaker, though, with listings down 22% y/y in the past two weeks, contrary Oil Services 0.0%

to the gradual recovery we have modelled, and will prompt us (and likely Technology & Hardware -0.1%

consensus) to make negative estimate revisions (PAS/consensus

currently at -4/-11% y/y for Q2). Banks -0.6%

Media & Entertainment -0.9%

• Real estate (residentials read-x): KlaraBo and Sveafastigheter have Retail -1.2%

agreed to merge through a statutory merger, with Sveafastigheter as the

surviving entity, while KlaraBo simultaneously acquires a residential Pharma -1.2%

portfolio from SBB comprising ~4,100 apartments. The combined Chemicals -1.5%

company will own ~26,500 apartments, becoming Nasdaq Stockholm’s Telecom -1.8%

largest listed residential property company. KlaraBo shareholders will Airlines -2.4%

receive 9 new Sveafastigheter shares for every 22 shares held, alongside

a proposed extraordinary dividend of SEK 1.40 per share. Utilities -2.4%

Gold -2.6%

Aerospace & Defence -2.7%

Semiconductors -4.2%

Commodities, FX, rates and volatility

Key Items Last 5 days Latest +/- % YTD%

Brent 111.4 2.10 1.9 105.7

WTI 107.8 2.33 2.2 96.7

N. Gas (TTF) 52.1 1.95 3.9 85.1