Conditions set for margin expansion in '25

Earnings beat trend continues

Entering 2025 with a slimmed offering

Margin improvements continue

Report in line with Q3 expectations

Expect continued operating improvements

Earnings recovery has only just begun

We raise '24e-'26e adj. EBIT by 3-1%. Conducive conditions for organic growth. Trading at NTM EV/EBITA of ~11x.

Delivers yet another beat

Continues to benefit from stable conditions

We cut '25e-'26e EBIT by 2%, and still expect no organic growth in '24e. Trading at NTM EV/EBITA of ~9x.

Midsona AB: 1 director

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More efficiency on the horizon

We raise '25e-'26e adj. EBIT by 1%. Continued gross margin recovery expected. Trading at '24e EV/adj. EBITA of ~10x.

Beats on all items

Midsona - Strengthened balance sheet coming up

Q3 report softer than anticipated We decrease our ’23e-‘24e EBITA ests. by 5-3% Trading at ‘23e-‘24e EV/EBITA of 8.8-6.7x

Midsona - Soft Q3 with rights issue announced

Sales -6% vs. ABGSCe Adj. EBITDA -32% vs. ABGSCe SEK 600m rights issue

Midsona - No pain, no grain

Gross margins to indicate extent of pricing power ’22e-'23e EBIT down 6-5%, while ‘24e EBIT up 8% Q3 report due Tuesday, 25 October

Midsona - Awaiting the H2 hockey stick

Q2 showed a resilient top-line but lower margins We lower our ‘23-‘24e EBITA by 5% Trading at ’22-‘24e EV/EBITA 19-10x

Midsona - Margin improvement delayed

Sales was in line with our expectations Effect from price hikes was partly delayed to Q3 We expect negative cons. estimates of 5-8%

Midsona - Back on track?

Price hikes and cost savings the theme in Q1 Confident message regarding debt levels We raise our ‘22e EBITDA by 3%

Midsona - A step in the right direction

Sales -3% vs. ABGSCe Adj. EBITDA 14% vs. ABGSCe We expect cons. estimates revisions of +3-5%

Midsona - Stuck between a rock and a hard place

Surging raw material prices Aggressive price hikes expected in Q3’22e We lower our EBITDA estimates by ~17-4% ‘22e-‘24e