Nexam reported sales of SEK 42m (-15% vs. ABGSCe 49m), -9% y-o-y. Q3 is seasonally the weakest quarter due to holiday shutdowns at customers, and management notes a cautious restart after the summer this year. Performance Masterbatch grew 2% and was in line with our estimate, while Performance Chemicals fell 20% y-o-y (-29% vs. ABGSCe). High Temperature was still hit by the inventory adjustment at its largest customer, and Lightweight was low after larger deliveries in Q2. Recycling grew 66% y-o-y to SEK 9.3m. The gross margin was 49% (ABGSCe 48%), but lower sales and higher costs took EBIT to SEK -6.6m (ABGSCe -2.6m).

On numbers alone, '26e-'28e sales change by -3% and adj. EBIT by SEK -4m. Management expects the HT inventory adjustment to be completed by year-end. The Recycling pipeline grew to 164 projects in development/proof-of-concept (145 in Q2), with 14 (12) technically approved and 31 (28) customers in commercial business. First orders came in from the new distributors in France and Turkey.

The share has returned -30% L3M (vs. peer median -17% and OMX Stockholm Allshare +3%), and is currently trading at 1.1x-0.9x '26e-'28e EV/Sales on our pre-report estimates vs. the peer median of 1.4x-0.7x. The company will host a presentation of the Q3 results at 09:00 CEST.

Läs mer på ABG Sundal Collier

Läsaren av innehållet kan anta att ABG Sundal Collier har erhållit eller kommer att erhålla betalning för utförandet av finansiella företagstjänster från bolaget. Ersättningen är på förhand avtalad och är inte beroende av innehållet.