Navigating volatile market conditions

Research evidence excerpt

Navigating volatile market conditions

Equity Research - 23 June 2026 13:37 CEST

Reason: Preview of resultsProact IT Group

Navigating volatile market conditions Commissioned research

• Server prices surge amid memory shortage, causing pricing tailwind... Not rated

• ...but also volume setback and potentially increased price competition IT

• '26e-'27e adj. EBITA -3%, 30% EBITA growth y-o-y in Q2e

Estimate changes (%)

Volatile market conditions create estimate uncertainty 2026e 2027e 2028e

The global shortage of memory components due to data centre expansion Sales -0.2 -0.2 -0.2

is creating large price increases on servers and storage disks that Proact EBIT -3.4 -3.1 -0.2

re-sells in its system offering (from partners Dell and NetApp). Both EPS -3.5 -3.2 -0.2

Dell and NetApp reported accelerated growth rates and better-than- Source: ABG Sundal Collier

expected sales in their recent quarters (expected to accelerate further

PACT-SE/PACT SSahead), supporting our thesis of good momentum and a pricing tailwind

for Proact. However, we also understand that current market conditions Share price (SEK) 22/6/2026 134.40

are affecting delivery times negatively, i.e. increasing them, which means

that even though orders may be strong (which Proact does not report),

MCap (SEKm) 3,642sales recognition may become more spread out over Q2e-Q4e. The higher

prices likely also create tougher price competition among re-sellers in the MCap (EURm) 331

market as customers are looking for as low prices as possible, to a larger No. of shares (m) 27.1

extent than under normal market conditions, as well as having a small Free float (%) 81.4

negative effect on other IT spending (like service sales for Proact) due to Av. daily volume (k) 16

less headroom in IT budgets.