Nilörngruppen: Order bookings provide comfort - ABG

The outdoor segment supports strong order bookings
Minor estimate revisions
'25e EV/EBIT ~7x


Outdoor segment: back to normal volumes

The Q1 report showed that sales were better than we expected, while EBIT was a bit softer than our forecast due to a higher opex base. Importantly, the order bookings figure of SEK 267m was ~11% better than we expected. Our understanding is that this was driven by the ongoing recovery in the outdoor segment. Moreover, the gross margin was strong at nearly 45%, which Nilörn attributes to its more efficient sourcing organisation.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/nilorngruppen/Equity-research/2025/4/nilorngruppen---order-bookings-provide-comfort/