Here are Lucas’s preliminary comments as the company releases its Q1 results on Thursday, March 26 (Q1: Dec 1, 2025 – Feb 28, 2026) 
We believe H&M’s Q1 (December-February) revenue growth remained subdued, and we have therefore slightly revised our revenue forecasts downwards. However, we continue to believe that supply chain efficiencies, strong operational cost discipline, and external margin-supportive factors will support profitability. In our view, valuation levels remain elevated, and due to ongoing revenue-related concerns, we continue to see the risk/reward ratio as unattractive. As a result, we reiterate our sell recommendation and a target price of SEK 155 per share.