Redeye concludes that Plejd delivered a broadly in-line top line in Q2 2026, with net sales of SEK274.6m up 30.3% y/y but around 3% below our estimate, while profitability disappointed more markedly, with EBIT of SEK61.8m missing our forecast by close to 19%. Gross margin expanded 290bps y/y to 54.9%, but higher OPEX tied to what we believe is LPN-01 ramp-up costs left EBIT margin flat at 22.5%, which we view as investment rather than a deterioration in the business. We trim our estimates modestly and lower our Base Case by no more than 1% to SEK1,210 from SEK1,220, remaining optimistic on the long-term case.
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