ES Group

* Q1: sales beat (+19% vs ABGSCe), ES-branded sales up +99% y-o-y * Q2'26 guided weak on ODM/WL inventory rebalance * We cut Q2'26e, return to positive EBIT in H2'26e Expecting a stronger H2'26e Q1 sales beat expectations at SEK 49m (+19% vs. ABGSCe)...

* Sales +19% vs. ABGSCe, EBIT SEK -4m (vs. -5m) * ODM/WL down 27% y-o-y but ES-branded sales up 99% * Inventory levels down, FCF positive in the quarter (SEK +1.8m) Q1 results Q1 sales were SEK 49m (-8% y-o-y and +19% vs. ABGSCe 42m). Residential continues...