Q2 results
Sales came in at SEK 1,067m (+5% vs. ABGSCe 1,016m), +12% y-o-y of which 8% was organic (ABGSCe +3%). EBIT increased 18% y-o-y to SEK 160m (+13% vs. ABGSCe 142m), for a margin of 15.0% (ABGSCe 14.0%, 14.4% in Q2’20). Keep in mind that NWG has extremely tough comps, and still manages to grow organically and expand margins. Products & Solutions is once again delivering an impressive result, coming in 11% better on sales and 33% better on EBIT. On the other hand, Installation services had a weak quarter, coming in 10% below on sales and 60% below on EBIT. All markets contributed to the beat, except for Finland, which continues to be weak. NWG mentions that input costs have increased at a high rate, but it has been successful in transferring costs to customers. In terms of outlook, NWG mentions risk of margin compression in H2 if input costs accelerate. However, NWG are generally cautious and we won’t read much into it at this time.
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