* Sales SEK 1,558m & EBIT 68m
* Earnings beat across all segments
* Share currently trading at 15-10x '26e-'27e EV/EBIT
Q2 in brief
Strong set of numbers from Ferronordic. Sales SEK 1,558m (34% vs. ABGSCe 1,159m), EBIT 68m (65% vs. ABGSCe 41m, -5m in Q2'25) for an EBIT margin 4.4% (ABGSCe 3.6%). Earnings beat across all segments (US, Germany & Kazakhstan). Net debt came down to 1,845m (1,957m in Q1), 3.0x ND/EBITDA (3.8x in Q1), on both lower net debt and higher EBITDA.
Outlook and estimate changes
The report would mechanically raise EBIT by 14-11% '26e-'27e. Management remains optimistic about US operations and environment ahead, where infra and data centers investments continue to drive growth. In Germany they expect a gradual recovery as fleet renewal requirements accumulate and a continued strong aftermarket.
Valuation
Prior to today's report, the share had returned +13% L1M, compared to the +4% of OMXSGI. The share is currently trading at 15-10x '26e-'27e EV/EBIT on our pre-report estimates vs. the peer median of 17-16x. The company will host a conference call at 10.00 CET, link here.