Bouncing back-06/27/2026

Research evidence excerpt

Bouncing back-06/27/2026

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in Q1, with Beijer Alma (+5.3% growth NTM), Momentum (+3.8%), and VIT.B-SE (18.3%) 3.7% (25.2%) (50.7%)

Lagercrantz (+3.6%) as standout performers while Vitec and Addnode both ANOD.B-SE (12.4%) (31.2%) (55.1%) (60.2%)

slowed down following stronger performance previous quarters. The average

company in our coverage added 2.1% (1.3% Q1) to sales NTM which is broadly 160

in line with the average L5Y. At the same time, leverage generally remains at good 140

levels with a sector average of 1.7x EBITDA ‘26e. 120

Input cost inflation likely to put some near-term pressure on GP-m 80

The construction sector improved against easy comparatives throughout the 60

quarter with a notable improvement in European Komtrax data. The overall market Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24 Jun-24 Aug-24 Oct-24 Dec-24 Feb-25 Apr-25 Jun-25 Aug-25 Oct-25 Dec-25 Feb-26 Apr-26

remains soft however, and with most companies positioned late in the OMXS30 Compounders

construction cycle, we expect demand to remain modest in the quarter. The

manufacturing sector has in similar fashion improved, though we note that Latest published reports

German order intake and production deteriorated during the last few months

following strong performance at the start of the year, with ’26 GDP figures similarly Addtech – Review (Link)

impacted. Near-term, input cost inflation will put some pressure on gross margins

as reactive price increases generally lag input costs by 2-3 months. Long-term Addnode – Review (Link)

however, we see limited risk as costs are simply moved onto customers. ARENIT – Review (Link)

Beijer Alma and Momentum remain solid picks Beijer Alma – Review (Link)

Beijer Alma remains attractively valued despite strong underlying demand, an Indutrade – Review (Link)