Q2 results
Organic growth improved and was positive y-o-y, but earnings in service-related units weighed. Sales SEK 1,012m (-2% vs ABGSC, -2% vs cons), -26% y-o-y whereof 3% organic (vs ABGSC 1%), -29% M&A. Adj. EBITA 102m (-10% vs ABGSC, -9% vs cons), -23% y-o-y (-8% y-o-y vs restated numbers), margin 10.1% (ABGSC 11.0%, cons 10.8). EBITA in Flow Technology and Niche Products were more in line (-2-4% vs ABGSC) while Solutions missed by 28%, delivering a margin of 5% (7% in Q2'25). Management highlighted continued weakness in the installation units as the primary reason. Cash conversion was 31% (-41% Q1’25), impacted negatively by expansion in product units. Gearing was 2.7x (2.1x in Q1’25), impacted by the acquisition of Nortech.
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