Berner Industrier Q1: Strong book-to-bill, adj. EBITA burdened by temporary costs - SEB

Q1/26 adj. EBITA of SEK 20m was +3% y/y but 4% below our expectations, burdened by temporary costs stemming from the two most recent acquisitions. Order intake continues to be strong, with a book-to-bill of 1.09x. Management states that it sees good underlying demand, and argues that the book-to-bill points to continued growth. Mechanical impact on our 2026 adj. EBITA estimates is -1%.

Länk till analysen i sin helhet: https://research.sebgroup.com/corporate/reports/141344