Berner Industrier: Another strong report - ABG

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 of M&A activity, Q1 also brought with it another strong report. Order intake grew 18% y-o-y, beating our estimate by 7%. It is good to see that the strong orders of Q4 were not a one-off and that we may now be at healthier levels than we saw throughout most of '24. Sales fell 3%, in line with our estimate, but the adj. EBITA margin of 8.2% (6.5%) beat our expectation of 6.3% quite substantially. This was driven by both segments, with T&Ds 3.9% (4.0%) being 1.9 pp above, and E&Es 17% (9.6%) 3.2pp above our estimate.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/berner-industrier/Equity-research/2025/4/berner-industrier---another-strong-report/