Berner Industrier: First clear sign of demand improvement - ABG

Weak order trend broken, orders +29% y-o-y, above our flat estimate
'25e-'26e orders +7%, sales +4%, adj. EBITA +9%, better momentum
Management still looking for M&A opportunities, but patient approach


Q4 results

Going into the Q4 report we were worried about the weak order intake trend over the preceding four quarters, fearing that this would start exerting pressure on sales and margins if the trend did not shift. This concern was alleviated: Q4 orders were up 29% y-o-y, compared to our flat estimate. In turn, sales held up 8% better than we expected, growing 5% y-o-y. A strong product mix in the E&E segment resulted in a surprisingly strong adj. EBITA margin of 7.4% (6.7%). There were still some non-recurring charges for temporary resources in the T&D segment (SEK -4.2m), but with the new management of the subsidiary Christian Berner AB now in place, we expect the segment to start improving gradually from here.

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