Nolato: Resilient Medical exposure in a chaotic market - ABG

Q1e: a solid quarter with EBITA up 11% y-o-y
Higher estimates following ambitious new targets
Medical (~60% of EBITA) should be resilient in a downturn


Q1e: a solid quarter with EBITA up 11% y-o-y

We expect Nolato to report Q1 net sales of SEK 2,527m, up 3% y-o-y (+3% organic), and EBITA of SEK 264m, for a margin of 10.4% (9.7%); we are roughly in line with FactSet consensus. The cyclical fears driven by tariffs started in April and should not impact the Q1 numbers. As such, we expect a solid quarter in both segments, but we see some increased risk in Engineered in subsequent quarters in case of a general slowdown in economic activity. Medical, however, should be more resilient.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/nolato/Equity-research/2025/4/nolato---resilient-medical-exposure-in-a-chaotic-market/