We lower adjusted EBITA by a mere 1% following the Q2 report, which saw adjusted EBITA drop by 22% y/y owing to weakness across most segments. Although short-term sentiment remains weak, particularly given the sequential drop in Industrial, along with the ongoing weakness in Automotive and Fashion in the US, the latter looks to be embarking on a slightly more positive trend in H2 2025 and 2026. While the geopolitical situation adds to the short-term uncertainty, we stick to our longer-term view and look for a more asset-light business model to emerge, following Elanders' streamlining of operations, which we continue to expect will lead to a positive longer-term margin trajectory. With 2026E lease-adjusted net debt/EBITDA of 3.1x, leverage remains elevated, and thus we expect the balance sheet to remain a key focus for the company. Our multiples-based fair value range decreases to SEK 52-98 (53-103), implying 10-11x 2026E EV/EBITA. Marketing material commissioned by Elanders.

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