Accelerated EBITA growth in Q2e

Research evidence excerpt

Accelerated EBITA growth in Q2e

Equity Research - 23 June 2026 15:58 CEST

Reason: Preview of resultsVitec

• We estimate 14% adj. EBITA growth in Q2e, up from 11% in Q1

• Net accounting behind estimate changes, sales -8%, EBITA -0-2%

• BUY, TP SEK 500, resilient portfolio also in an AI environment IT

Accelerated earnings growth in Q2e Estimate changes (%)

We estimate 14% adj. EBITA growth in Q2, up from 11% in Q1 due to 2026e 2027e 2028e

a combination of easier comps (mostly related to Enova) and a solid Sales -7.9 -8.0 -8.0

development for the rest of the portfolio. The pricing component may be EBIT -0.1 -1.0 -2.0

slightly lower going forward than in the past years, but we think Vitec has EPS -0.1 -1.1 -2.2

Source: ABG Sundal Collier

good possibilities to drive both customer value and internal efficiencies

with increased adoption of AI tools among its software developers. The VIT.B-SE/VITB SS

accelerated earnings growth, and potential comeback for M&A in H2e, Share price (SEK) 22/6/2026 221.40

should serve as positive triggers for the share. We are in line with FactSet Target price 500.00

consensus on Q2e EBITA.

Change to net accounting behind estimate revisions MCap (SEKm) 8,832

Post Q1 Vitec announced that it will change its accounting for subsidiaries MCap (EURm) 803

Enova and BidTheatre to an agent model under the ESMA guidance, No. of shares (m) 37.4

meaning that their respective transaction-based revenues will be reported Free float (%) 88.5

on a net basis. We have therefore restated all financial numbers from 2023 Av. daily volume (k) 57

(when Enova was acquired) to reflect the new accounting principles. All

in all, this reduces net sales by 8%, increases the EBITA margin by ~2pp,