SinterCast: Strong installations to drive '25e-'27e growth - ABG

Solid Q4 in light of headwinds, FX revaluations boost margin
We push 5% EE growth from '25e to 26e, FX impacts sales by -4%
Reiterates financial targets, '25 installations to exceed strong '24


Q4 results

Q4 sales were down 1% y-o-y, as we expected, but Engine Equivalents were 3% below and Sampling Cups 3% above our expectations. The series production decline of 14% y-o-y was balanced by strong installation revenue of SEK 6.8m (2.1m), and driven by the discontinued production programme, and a weakened automotive market. The EBIT margin of 27% (44%) was better than our expected 18%, but this was mostly due to more favourable FX-hedge-contract revaluations than we anticipated, although they were still negative. These tend to even out over time and should thus not be extrapolated.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/sintercast/Equity-research/2025/2/sintercast---strong-installations-to-drive-25e-27e-growth-/