Berner Industrier

* Q3 beat our expectations handily, EBITA 29% above* Raise '26e-'27e EBITA 15-14% on higher margin assumptions* Increased confidence in operational improvements, FV SEK 65-95Another great quarterFollowing an already very impressive Q2, Q3 beat our raised...

* Orders +11%, sales -7%, adj. EBITA +29% vs. ABGSCe* Strong margin due to good mix in E&E and improvements in T&D* Another great quarter, but mix should likely not be fully extrapolatedQ3 resultsOrders were up 24% y-o-y and 11% above our estimate. Sales...

* Q3e sales up 14% y-o-y, 7% organic, supported by order intake* Estimate seasonally strong 9.1% margin, E&E to normalise q-o-q* Optimistic on margin improvements, balance sheet supports M&AQ3 expectationsFor Q3, we forecast that the strong order intake...

A strong report across the board Berner Industrier delivered a strong Q2 report, with orders up 12% y-o-y (3% below our estimate), sales that grew 7% (beating our estimate by the same amount), and a much-improved EBITA margin of 9.0%, or 10.4% if adjusting...

Q2 results Orders were up 12% y-o-y and 3% below our estimate. Sales grew 7% y-o-y (+5% org.) and were 7% above our estimate. With a margin of 10.4%, 2.9pp above our estimate, EBITA adj. was 49% above our estimate. EBITA included non-recurring items ...

- Expect continued order recovery but flat sales y-o-y - M&A resumed, 1.6x adj. ND/EBITDA leaves room for more - T&D margin has likely bottomed, recovery key to watch Q2 expectations We expect the order intake recovery trend to continue in Q2, where ...

Order momentum from Q4 continues, up 18% y-o-y, de-risking '25e Stronger margin in both segments, but we extrapolate only in T&D Margin expansion in T&D and additional acquisitions key from here Strong start to the year In addition to the reignition ...

Orders +7%, sales -1%, adj. EBITA +28% vs. our estimates Key takeaway is the continued order strength de-risking '25e Strong margin, but be careful about extrapolating due to volatility Q1 results Orders were up 18% y-o-y and 7% above our estimate, and...