Q2 results
Orders were up 12% y-o-y and 3% below our estimate. Sales grew 7% y-o-y (+5% org.) and were 7% above our estimate. With a margin of 10.4%, 2.9pp above our estimate, EBITA adj. was 49% above our estimate. EBITA included non-recurring items with a negative margin impact of 1.4pp. The margin beat was driven equally by the two segments. T&D saw growth in high-margin areas and operational improvements in Christian Berner AB seem to be materialising faster than we had expected. E&E saw strong deliveries with a favourable product mix. All-in-all a strong report.
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