Impact Coatings: No major machine deliveries in Q2e - ABG

Report out 22 August
'25e-'26e sales cut by 19-15% on lower expected machine deliveries
3y deal signed to supply Coating Services for PEM electrolysers


Q2 expectations

With no machine orders announced during the quarter, we expect Q2 to be another soft quarter for Impact Coatings. We estimate sales of SEK 11m (vs. SEK 32m LY), solely driven by Coating Services and Aftermarket. The ongoing hesitancy within the hydrogen sector has led to delayed customer decision-making processes, affecting near-term revenue visibility. On EBIT, we forecast SEK -12m (SEK -5m) and we forecast the company to end the quarter with a cash balance of SEK 20m (SEK 86m), which can be compared to the R12m FCF lease adj. of SEK -72m.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/impact_coatings/Equity-research/2025/8/impact-coatings---no-major-machine-deliveries-in-q2e/