Lifco (AO) | Hold | Q2 preview: First results under new reporting structure

研报英文原文证据摘录

Lifco (AO) | Hold | Q2 preview: First results under new reporting structure

#EarningsPreview

Release date: 26 June 2026

Emil Nystedt

Equity Research Analyst

+ 46 8 723 51 45

enystedt@keplercheuvreux.com

Mats Liss

Hold +46 8 723 51 18Lifco

mliss@keplercheuvreux.com

Sweden | Capital goods Beta Profile: MCap: SEK143.6bn

Target Price: SEK315.00 Bloomberg: LIFCOB SS Reuters: LIFCOb.ST

Current Price: SEK316.20 Free float 48%

Up/downside: -0.4% Avg. daily volume (SEKm) 339.1

YTD abs performance -10.2% Market data: 25 June 2026

52-week high/low (SEK) 402.40/275.00

Q2 preview: First results under new reporting structure

Key points:

Lifco reports Q2 2026 results on 14 July. This is the first interim report under the new five-segment structure, with Environmental

Technology and Transportation Products carved out of System Solutions and reported as standalone business areas alongside

Dental, Demolition & Tools, and a restructured System Solutions (Contract Manufacturing, Infrastructure Products, Special

Products). Dental and D&T are unchanged.

What we expect: on group level, we see +10% sales and +11% EBITA growth, of which 3.5% organic growth with a 22.7% margin.

We are in line with Visible Alpha consensus on both sales and EBITA and expect the results to be rather uneventful.

Dental: Another stable quarter with low organic contribution but strong additions from M&A. Margins should be broadly flat YoY,

although we will watch whether the positive Q1 mix effect from own-manufactured and proprietary products proves sustainable.

Demolition & Tools: We expect resilience in smaller attachments but continued softness in demolition robots/Brokk, where

larger capital decisions are being deferred and construction remains a drag.