InfraCom missed on both net sales and EBITA in Q2 2026 against an easy comparable. Net sales of SEK196m came in 2% below Redeye's SEK200m, and opex landed as expected, so the shortfall fell straight through to EBITA, leaving margin 410bp below the bottom of the 12-15% target. Investors sold the share down more than 20%, taking it to -43% year to date. The miss extends a turnaround that has now run three years since InfraCom bought Connect. InfraCom is now folding Connect, Managed Services and Communications into a single organisation. Redeye expects more of the same in H2 2026, with improvement visible from early 2027. Redeye cuts its 2026-28e net sales by 2% and EBITA by 11-13%. It expects the share to languish until the turnaround is visibly complete. InfraCom screens as 'Attractively Priced'. Fair value SEK17.
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