Following the strong Q2-report, where EBIT came in 20/19% above ARCe/consensus, we lift our ’25/26e EBIT by 6%. Revenues came in above expectations, and Sweden turned the recent trend of negative LFL-growth, delivering 4.7% LFL-growth in the quarter. Additionally, and more importantly, Europris Norway showed strong cost-control, scalability and strong gross margins given the high share of consumables related to Easter. However, it is not enough to alter our medium-term case, as we see continued ....
