Skolon

* Expect Q2 sales growth of 29%, driven by paying users * Positive gross margin trend is encouraging * '26e EV/Gross profit of ~5x, fair value range of SEK 25-40 Somewhat lower paying user intake While Q1 came in somewhat softer than we expected on the...

* Q1 sales 11% lower than ABGSCe SEK 43m * Improved gross profit, likely due to favourable mix * Likely modestly negative consensus estimate revisions Q1'26 report Skolon reported net sales of SEK 38m (-11% vs ABGSCe 43m), corresponding to a 19% y-o-...

* We expect 35% organic growth in Q1e * Q1 mix likely to be somewhat favourable * FVR of SEK 30-45 reiterated Q1 expectations We expect a solid Q1, with sales of SEK 43m, corresponding to an organic growth rate of 35%. While sales are affected by timing...

* We expect nearly 40% organic growth... * ...and gross margin expansion in '26e * Reiterate fair value range of SEK 30-45 Higher platform usage drove growth The Q4'25 report was better than we had expected. Sales increased by ~75% y-o-y, mainly driven...

* Q4 sales 20% higher than ABGSCe SEK 41m * Lower gross margin likely due to higher share of partner revenues * Likely slightly positive consensus estimate revisions Q4'25 report Skolon delivered net sales of SEK 50m (20% vs ABGSCe 41m), corresponding...

* We expect 50% organic growth in Q4e * Q4 mix is likely to be somewhat soft * FVR of SEK 30-45 reiterated Q4 expectations We expect Q4 sales of SEK 41m, which corresponds to an organic growth rate of 50%. Note that the high growth rate we expect is ...

* CEO Oliver Lundgren highlighted Skolon surpassing 1m paying users * Skolon has now reached 50% penetration in Sweden, 25% in Norway * Aims for 5m paying users in '30e by further penetration & expansion Overview of Skolon Yesterday, we hosted Skolon...