HANZA-Acquires five facilities with SEK ~1.9bn sales for ~8x EV/EBITA adj.-07/15/2026

Research evidence excerpt

HANZA-Acquires five facilities with SEK ~1.9bn sales for ~8x EV/EBITA adj.-07/15/2026

retain its vehicle cabin business, which will be streamlined and separated prior to closing

• In connection with the acquisition, current Central Europe manufacturing clusters will be divided into two separate clusters

• Acquired operations are expected to initially contribute a ~9% EBITA margin, excluding transaction and integration costs

Conclusions for the share

• We expect to raise 2027E sales and EBITA adj. by ~17% and ~16%, respectively, assuming an initial EBITA margin of 9.0%

• The transaction accelerates HANZA 2028 strategy toward SEK 14bn sales (PAS SEK ~12.2bn in 2028E excluding transaction)

• Strategic rationale is sound in our view (scale, cluster fit) and ~8x EV/EBITA screens attractive vs. prior deals in the sector

• On the initial margin of ~9.0%, implied EV/EBITA is ~9.4x, which, with an undisclosed leverage bridge, warrants monitoring into Q4'26E

• We have a BUY rating and TP SEK 184

• Webcast CET 11:00 LINK

Thomas Blikstad

+46 72 402 33 94, thomas.blikstad@paretosec.com

Forbes Goldman

+46 8 402 5278, forbes.goldman@paretosec.com

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