We raise adjusted EBITA by 4-6% for 2026E-28E, following the strong margin development in Q1, with adjusted EBITA increasing 29% y/y, taking the margin to 6.2% in the quarter, with the structural measures in Supply Chain Solutions continuing to have significant effects. Overcapacity remains a drag on margins, but with volumes picking up, this should fuel further margin improvements, and we expect Elanders to achieve 13% adjusted EBITA growth during 2026, implying a ~120bp margin improvement y/y. Cash flow in Q1 was on the weaker side due to a negative working capital effect, driven by a pick-up in activity towards the end of the quarter. Thus, lease-adjusted net debt/EBITDA remained at 4.4x, flat q/q. We expect a working capital release during Q2, which, combined with improved earnings, takes leverage below 4.0x for 2026E. We derive a higher multiples-based fair value range of SEK 49-99 (41-88), implying 2027E EV/EBITA of ~10-12x.

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