A strong report across the board
Berner Industrier delivered a strong Q2 report, with orders up 12% y-o-y (3% below our estimate), sales that grew 7% (beating our estimate by the same amount), and a much-improved EBITA margin of 9.0%, or 10.4% if adjusting for acquisition and redundancy costs. This meant EBITA and adj. EBITA beat our expectations by 29% and 49%, respectively. The outperformance vs. our estimate was driven equally by both segments, with E&E delivering a 17.3% margin thanks to completed project deliveries and positive product mix. More importantly, T&D showed a margin of 5.5% (7.2% adjusted), as sales grew 17%, particularly in high-margin areas, with no major one-off deals driving the result.
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