Sentia-Still on track – expect to lift EBIT by 2-3%-05/12/2026

研报英文原文证据摘录

Sentia-Still on track – expect to lift EBIT by 2-3%-05/12/2026

Sentia

NEWSFLASH | 12 MAY 2026

Still on track – expect to lift EBIT by 2-3%

Q1 EBIT came in 8% ahead of consensus on 3% higher revenues and a 0.2pp margin beat (4.5% vs. 4.3%). The topline beat

was predominantly driven by stronger backlog conversion within Sweden, but importantly, orders of NOK 3.7bn (1.2x BtB)

also came in 22% ahead (more unannounced orders within Hent). The key topic in today's presentation seems to be the

upbeat outlook for renovation and maintenance (R&M), where SNTIA already has a strong footing in the Nordic market. Hent

margins held up better than 'feared', pointing to solid underlying profitability across the portfolio given no big-ticket project

completions in Q1, while Sweden came in slightly below due to project phasing (large share of projects still in the early

phase). The expected working capital drag was also a non-event, leaving the net cash position flat at NOK 4.2bn. Another

report suggesting SNTIA is well on track to deliver ~6% CAGR and ~5% margins – we expect to lift 2026-27e EBIT by ~2-3%.

Deviation table

ActualActual Q1'26eQ1'26e DeviationDeviation (%)(%) ParetoPareto estimatesestimates

P&LP&L -- SNTIASNTIA NOKmNOKm Q1'25Q1'25 Q1'26Q1'26 Cons.Cons. ParetoPareto Cons.Cons. ParetoPareto 2026e2026e 2027e2027e 2028e2028e

RevenuesRevenues " 2,8432,843 3,1953,195 3,1003,100 3,1223,122 33 %% 22 %% 12,73412,734 13,37613,376 13,92513,925

Operating costs " (2,715) (3,025) (2,938) (2,973) 3 % 2 % (12,016) (12,613) (13,129)

EBITDAEBITDA " 128128 170170 162162 149149 55 %% 1414 %% 718718 763763 797797

EBIT " 103 144 134 122 8 % 18 % 611 657 690

EBITEBIT adj.adj. " 128128 144144 134134 122122 88 %% 1818 %% 611611 657657 690690