Prevas: Challenges persist but it's not getting worse - ABG

6% organic sales decline y-o-y
Enmac shows progress with good order intake
Adj. EBITA down 13-7% for '25e-'26e


Q1: High uncertainty is delaying investment decisions

Prevas' Q1 report showed that the uncertain market situation continues to impact the company, as organic sales growth was -6% y-o-y, primarily due to weak demand in the automotive, industrial, and life science sectors. However, the company continues to see strong demand in the defence and energy markets, where it intends to continue growing in the coming years. Total sales amounted to SEK 431m (+6% y-o-y), driven by the acquisition of Enmac, but this was 6% below ABGSCe, as we had anticipated a smaller organic decline and a higher contribution from Enmac. EBITA came in at SEK 35m (54m), corresponding to an EBITA margin of 8.2% (13.2%). The lower margin compared to last year is due to a lower utilization rate, weaker profitability from Enmac, and a negative calendar effect. We expected a margin of 10.3%.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/prevas/Equity-research/2025/5/prevas---challenges-persist-but-its-not-getting-worse-/