Morning Comment Sweden-07/22/2026

Research evidence excerpt

Morning Comment Sweden-07/22/2026

S/cons. Notably, mgmt. expects smaller peers

to be more adversely impacted by raw material scarcity, which will support Commodities, FX, rates and volatility

improved market share as customers strengthen supply chains. We KeyBrentItems Last 5 days Latest92.6 1.57+/- 1.7% YTD%78.0

expect to make slight upward revisions of our estimates. LINK WTI 85.7 1.39 1.6 66.4

N. Gas (TTF) 60.3 0.60 1.0 114.1

• HANZA - HANZA - Buy, TP SEK 184: Q2’26 delivered on all fronts, with Gold 4,135.7 59.30 1.5 -6.7

+9% OSG, +1.5pp EBITA adj. margin expansion, and continued good cash USD/NOKEUR/NOK 10.989.63 -0.06-0.05 -0.5-0.5 -4.5-7.3

flow generation. While we make limited underlying estimate changes US 10Y 4.63 0.04 0.8 11.0

following the report, new M&A adds +17% to 2027E EBIT adj., partly offset Vix 17.1 -1.60 -8.6 14.0

by factory closedowns. We find today’s -1% share reaction confusing, Dollar Index 101.2 0.22 0.2 2.9

particularly given the sector’s sharp de-rating since June highs. Trading

below peers despite stronger earnings growth and an improving M&A

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. This material is considered by Pareto Securities to qualify as an acceptable minor non-monetary benefit according to Directive

2014/65/EU Article 24 (7)(8) and Commission Delegated Directive 2017/593.

Pareto Securities © 2026 1