Morning Comment Sweden-06/18/2026

Research evidence excerpt

Morning Comment Sweden-06/18/2026

r another strong order intake in Q2 while margins are

hampered by the transfer of chiller production to the US and component S&P sector performance

shortage. We cut our EBITA-estimate for 2026 due to lower DTC-margins

but lift TP to SEK260 (250) and reiterate our Buy-rating as we see the -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0%

DCT-problems as transitory and Munters as one of the few data center Aerospace & Defence 1.0%

exposed companies with a cautious valuation. We are 7% and 14% above Semiconductors 0.7%

Consensus on sales/EBITA for 2028. The Q2 report is due out July 17 Gold 0.6%

LINK

Banks -0.2%

• Pareto Nordic Real Estate Weekly: LINK Oil E&P -0.3%

Insurance -0.7%

Technology & Hardware -0.7%

Chemicals -0.8%

Pharma -0.8%

Oil Integrated -1.0%

Utilities -1.3%

Airlines -1.6%

Telecom -2.6%

Oil Services -2.8%

Media & Entertainment -3.0%

Retail -3.2%

Software -3.2%

Commodities, FX, rates and volatility

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

Brent 77.3 -2.25 -2.8 47.6

WTI 73.6 -2.42 -3.2 41.6

N. Gas (TTF) 40.1 -1.80 -4.3 42.4

Gold 4 320.7 -60.70 -1.4 -2.6

USD/NOK 9.51 0.04 0.4 -5.7

EUR/NOK 11.03 0.02 0.2 -6.9

US 10Y 4.50 0.06 1.4 7.9

SOFR 3M 3.67 0.00 0.01 0.44

Vix 18.4 2.03 12.4 23.3

Dollar Index 100.1 0.55 0.6 1.8

For disclosures on relevant definitions, methods, risks, potential conflicts of interests etc. and disclaimers please see www.paretosec.com. Investment Recommendations should be reviewed in

conjunction with the information therein. When distributed in the US: This document is intended for institutional investors and is not subject to all of the independence and disclosure standards

applicable to equity/debt research reports prepared for retail investors.