Prevas: Building a Nordic company - ABG

6% organic sales decline y-o-y
Finnish market is seeing signs of improvement
Adj. EBITA down 10-9% for '25e-'26e


Q4: Sales -7% and adj. EBITA -23% vs. ABGSCe

The challenges from Q3 persisted in Q4, with an organic sales decline of 6% and adj. EBITA of SEK 31.9m (44.3m), equal to an adj. EBITA margin of 7.4% (11.1%). The market is characterised as uncertain with some investment decisions being delayed, and although the end-markets of Energy and Defense remain strong, they could not offset weaknesses in Automotive, Life Science and Telecom. In terms of profitability, Q4 had one less working day than last year, explaining roughly 150bp of the y-o-y drop in adj. EBITA margin, and although Enmac is now posting positive EBITA again, it is still a drag on group margins. Sales and adj. EBITA were 7% and 23% below ABGSCe, respectively. FCF improved 21% y-o-y, and the board proposed an unchanged dividend of SEK 4.75.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/prevas/Equity-research/2025/2/prevas---building-a-nordic-company/