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Q2 expectationsWe expect Q2 sales of EUR 37.2m, +4% y-o-y and +13% q-o-q. We expect sales of EUR 21.4m (+1% y-o-y) for Ports & Maritime, and EUR 15.9m (10% y-o-y) for Industry. We estimate Q2 order intake of ~EUR 36m (-18% y-o-y, -39% q-o-q) for an R12M book-to-bill of 1.16. The comps look demanding, particularly for P&M order intake (both year-on-year and sequentially). On adj. EBIT, we forecast a sequential return to positive earnings: EUR 3.5m (vs. -0.7m Q2'25) for a margin of 9.3% (-2.0%). We see further potential for short-cycle orders booked and delivered within 2026 in Industry (e.g. the motorised cable and hose reels order to a shipping customer in India), but remain reluctant to include these given their lumpy nature. Additional upside for the remainder of 2026 should come from gradually rising service penetration across the MoorMaster and shore power offering. Estimate changes and outlookWe make small changes to our revenue estimates, up 2% for '26-'27e and 1% for '28e. P&M sees a 2%/1%/1% top-line increase '26e/'27e/'28e, while Industry a 1%/1%/1% increase for '26e/'27e/'28e. We cut '26e EBIT by ~EUR 0.5m on changed assumptions around the timing and size of the restructuring costs and push '27-'28e slightly higher following upbeat commentary on P&M backlog conversion. These costs total ~EUR 3m across 2026, most of which we expect to land in Q2 due to the timing of implementation (EUR -2m in Q2, EUR -1m in Q3). We also view the recent appointment of incoming CFO Christoffer Robertsson as positive given his relevant experience from Novo Energy and ABB. Robertsson will assume the role in early September. ValuationThe share is currently trading at 49-10x '26e-'27e EV/EBIT on vs. the peer median of 15-12x. |