Berner Industrier: Order momentum continued in Q1 - ABG

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 we think it is encouraging to see another quarter of strong orders after the momentum reversal in Q4. Sales fell 3% y-o-y (-3% org.) and were 1% below our estimate. With a margin of 8.2%, 1.8pp above our estimate, EBITA adj. was 28% above our estimate. The strong margin was driven by both segments, in part due to positive mix effects in T&D, and strong deliveries in E&E. EBITA included non-recurring items (acquisition costs) with a negative margin impact of 0.4pp.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/berner-industrier/Equity-research/2025/4/berner-industrier---order-momentum-continued-in-q1/