Coor Service Management-Undramatic Q2: Sweden strength offset weak Denmark-07/15/2026

Research evidence excerpt

Coor Service Management-Undramatic Q2: Sweden strength offset weak Denmark-07/15/2026

Coor Service Management

NEWSFLASH | 15 JUL 2026

Undramatic Q2: Sweden strength offset weak Denmark

Coor reports Q2 sales of SEK 3,118m and adj. EBITA of SEK 170m (5.5% margin, +0.3pp Y/Y), largely in line with Cons.

Continued Sweden momentum carried the quarter, +3.0% OSG and 9.7% margin (+0.6pp Y/Y). Denmark came in weaker than

anticipated, with sales 6% and adj. EBITA ~30% below PAS and Cons, as the cost base could not offset contract-loss volume

while Norway held margin flat at 5.4%, despite the variable-volume step-down. On outlook, management flags continued

Sweden strength and Denmark improvement work. We expect limited EBITA revisions following an undramatic Q2. We have

a BUY rating and TP SEK 65.

Highlights from the report

• Sales SEK 3,118m (3,199), -2.5% Y/Y (-3.3% organic growth)

• Adj. EBITA SEK 170m (165), +3.0% Y/Y, 5.5% margin (+0.3pp Y/Y)

• OCF SEK 75m (63), 90% 12m rolling cash conversion (92% in Q1)

• EPS SEK 0.92 (0.69)

• NIBD/EBITDA 2.5x (2.3x in Q1)

Conclusions for the share

• We have a BUY rating and TP SEK 65 (share traded at SEK 51.4 p.sh. on Tuesday close)

• Preliminary, we expect limited LDS EBITA revisions and the share performing in line with market today

• Conference call CEST 10:00 – LINK

Deviation table

COOR - Deviation table

Historical Actual Q2'26e Deviation (%, pp) Delta (%, pp) PASe (pre report)

P&L SEKm Q2'25 Q1'26 Q2'26 Cons PAS Cons PAS Y/Y Q/Q 2026e 2027e 2028e

Net sales " 3 200 3 014 3 118 3 168 3 152 (2%) (1%) (3%) 3% 12 513 12 915 13 295

EBITA adj. " 165 167 170 169 161 1% 5% 3% 2% 644 693 732

IAC " 22 24 13 12 8% (41%) (46%) 60 - -

EBIT " 129 135 149 149 136 (0%) 9% 16% 10% 540 660 706