Inission: Demand stabilisation in sight - ABG

Q4e sales -4% y-o-y (-11% org.), adj. EBITA margin 4.6% (6.5%)
Q4 to suffer from demand weakness, but orders to keep improving
Demand to stabilise in H1, pick-up in H2, cost reductions effect in H1


Q4 expectations

We make no significant changes to our Q4 estimates, still expecting order intake of SEK 540m, sales of SEK 533m, down 4% y-o-y (-11% organically), and an adj. EBITA margin of 4.6% (6.5%). This implies that Inission will narrowly beat its full-year guidance of SEK 2.1bn-2.2bn in sales and an EBITA margin of 6%, and we estimate SEK 2.15bn and 6.1%, respectively. Order intake improved in Q3, resulting in a book-to-bill slightly above 1.0 in September, and we expect this to have continued during Q4, setting the stage for a stabilisation in H1, and recovery in H2 this year.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/inission/Equity-research/2025/1/inission---demand-stabilisation-in-sight/