Lime Technologies-Picking up speed-06/16/2026

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Lime Technologies-Picking up speed-06/16/2026

Lime Technologies

QUARTERLY PREVIEW | 16 JUN 2026

Picking up speed Target price (SEK) 260

We make minor positive estimate revisions and reiterate Buy & TP SEK Share price (SEK) 205

260 ahead of Q2, which we expect to comprise an organic growth

acceleration to 9% on easing Expert Services comps and stable ARR

development, and a return to margin expansion after two quarters of

decline. Shares have drifted lower since the Q1 print without material

news and despite software peers trading higher, which we argue

presents an attractive entry point ahead of the print. Forecast changes

% 2026e 2027e 2028e

Growth to improve further, margin expansion to return Revenues 0 0 0

We expect Lime to deliver continued growth acceleration and a return to margin EBITDA 1 0 0

expansion in Q2. We model sales of SEK 201m (+1% vs cons), +10% y/y (6% in EBIT adj 1 1 0

Q1’26) or +9% organically (8%). In Q1, mgmt. guided for utilisation within Expert EPS reported 1 1 0

Services (ES) to be at least in line with Q1 levels in Q2, which we expect to

EPS adj 1 1 0translate into an ES growth pick-up to 10%, from 3% in Q1, on a materially easier

comp (ES -8% y/y in Q2’25, -2% FY’25). Moreover, we expect recurring growth to Source: Pareto Securities

remain stable, with ARR up 10% y/y to SEK 550m on continued momentum for

Lime CRM generally and Germany specifically after the recent utility wins. We Ticker LIMET.ST, LIME SS

forecast the improved ES utilisation to drive adj EBITA margin +68bps y/y to 25%, Sector Software & Services

the first expansion after two consecutive quarters of y/y decline, for an EBITA of Shares fully diluted (m) 13.3

SEK 51m (+4% vs cons).

Market cap (SEKm) 2,725

Estimates fine-tuned Net debt (SEKm) 82

Minority interests (SEKm) 0