Berner Industrier: Industrial recovery pushed forward - ABG

Q4e: orders flat, sales -2%, EBITA margin -2.9pp y-o-y
EU PMI remains below 50, push forward recovery
Estimates: '25e-'26e sales down 5%, EBITA down 9%


Q4 expectations

For Q4, we expect order intake of SEK 212m, in line with last year, and sales of SEK 230m, down 2% y-o-y with the T&D segment continuing to drive the decline. On the EBITA margin, we have 3.8% (6.7%), with the decline driven by tough comps in E&E and the soft sales volumes making it difficult for the T&D segment to leverage its fixed costs to a satisfactory degree.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/berner-industrier/Equity-research/2025/1/berner-industrier---industrial-recovery-pushed-forward/