Redeye comments on Fractal's Q1 2026 report, a quarter shaped entirely by an industry-wide shortage of memory components that drove one of the sharpest net sales declines in the company's listed history. Net sales fell 38.7% to SEK138.4m, missing our estimate of SEK154.7m by 10.5%, yet the underlying picture was materially better: product margin of 39.1% beat our estimate of 37.0% by approximately 210 basis points, and both EBITDA and EBIT came in ahead of our forecasts thanks to tight cost discipline. Sales Out declined 21% to USD14.7m, a notably smaller drop than the organic net sales decline, confirming that end-consumer demand, though weak, is holding up better than distributor purchasing behaviour. We trim our Base Case to SEK35 (40), but Redeye maintains conviction in the long-term investment case.
LÄS MER
