ITAB Shop Concept (AO) | Buy | Q2 first take: Broadly as expected, with a few positives

Research evidence excerpt

ITAB Shop Concept (AO) | Buy | Q2 first take: Broadly as expected, with a few positives

News comment

Release date: 16 July 2026

Erik Sandstedt

Equity Research Analyst

+46 (0) 87235166

esandstedt@keplercheuvreux.com

BuyITAB Shop Concept

Sweden | Capital goods Beta Profile: MCap: SEK4.0bn

Target Price: SEK24.00 Bloomberg: ITAB SS Reuters: ITAB.ST

Current Price: SEK15.78 Free float 55%

Up/downside: 52.1% Avg. daily volume (SEKm) 5.6

YTD abs performance -10.3% Market data: 15 July 2026

52-week high/low (SEK) 20.85/13.26

Q2 first take: Broadly as expected, with a few positives

Key points:

ITAB Shop Concept has reported its Q2 results. Below, we present our initial take.

As HMY has been consolidated since 1 February 2025, pro forma figures are no longer relevant because the acquisition is now fully

annualised.

Sales amounted to SEK3,201m, representing a c. 1% YOY decline. Sales were c. 3% above the company-compiled consensus and

c. 4% above our forecasts.

Adjusted EBITA amounted to SEK180m, representing a c. 3% YOY increase. This was c. 3% above the company-compiled

consensus and in line with our forecast.

Adjusted EBIT amounted to SEK164m, representing a c. 3% YOY increase. This was c. 5% above the company-compiled consensus

and c. 3% above our forecast. Reported EBIT increased 15% YOY and was broadly in line with expectations, as non-recurring costs

of SEK26m came in slightly above consensus.

Cash flow generation amounted to SEK-112m, down from SEK-53m in the same quarter last year and follows the seasonal

pattern.

The new CEO comments in the Q2 report that "by prioritising profitable customer projects, we can gradually progress toward our

financial target of a 7–9 percent operating margin". In addition, the company reiterated its synergy target for the HMY acquisition,