Q2 was weaker with both Nordics and the UK showing negative growth, although 2025 guidance of improved sales/profitability/FCF was maintained. We believe sales look achievable but that profitability requires either a further acceleration in sales or cost initiatives. We lower 2025E EBIT by 9% and 2026E by 6% for 2026, and our new fair value range is SEK 31-38. The shares trade at a 2025E EV/EBITA of 11x.
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