Q4 expectations
We believe that the positive business momentum has continued for Water in Q4, with 4% organic growth, while we expect Services to deliver negative but improving growth (-7% vs. -13% in Q3), supporting the view that the installation market has likely has bottomed. We see Infra delivering slight negative growth (-3%), although this marks an improvement vs. Q3 (-11%), in part due to the divestments announced on 29 November. We expect sales of SEK 1,183m, -24% y-o-y (-3% organic, 0% FX, -21% structure), with organic growth improving from -9% in Q3. We expect adj. EBITA of SEK 114m, -32% y-o-y whereof ~5-10% to be organic decline, for a margin of 9.7%. Looking into Q1, we expect continued improvements for the installation units and growth in both Water and Infra to lead to slight positive organic sales growth for the group of 2%.
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