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Impact Coatings - Growth on hold, waiting for System orders

22 oktober 2025

<a id="bm-comp-664de762-44ac-4f41-9a93-3fc022016bbf" name="bm-comp-664de762-44ac-4f41-9a93-3fc022016bbf" class="BMCustomAnchor"></a><table><tr><td bm-component-id="664de762-44ac-4f41-9a93-3fc022016bbf" style="vertical-align: top; width:100.000000%;"><ul><li>'25e-'27e sales cut by 20-14% on sluggish market and delayed orders</li><li>Rights issue of ~SEK 87m announced, 2.7% guaranteed</li><li>Broadening product applications to support diversified growth</li></ul></td></tr></table><a id="bm-comp-d5fe6ae4-3487-4177-8fb7-ae610967e1ed" name="bm-comp-d5fe6ae4-3487-4177-8fb7-ae610967e1ed" class="BMCustomAnchor"></a><table><tr><td bm-component-id="d5fe6ae4-3487-4177-8fb7-ae610967e1ed" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q3 fairly in line, rights issue announced</h3><p>Impact Coatings delivered Q3 sales of SEK 14m (vs. ABGSCe of 10m), with no machine deliveries in the quarter (in line with estimates). EBIT was SEK -12m, the same as ABGSCe. Cost-cutting measures introduced in Q2 are showing effect, with opex coming in below expectations. Moreover, management said more work is underway to further lower the cost base. To strengthen liquidity, the company announced yesterday its intention to launch a rights issue of ~SEK 87m at SEK 1.5 per share, of which 2.7% is guaranteed. Assuming the rights issue is fully subscribed, it will result in a dilution effect of ~40%.</p><h3 class="bm-h3">Estimate changes and outlook</h3><p>We lower '25e-'27e sales by 20-14% and total '25e-'27e EBIT by SEK 24m. The sluggish hydrogen market continues to affect the investment decisions of Impact Coatings' customers, resulting in three consecutive quarters without any machine deliveries. While the company remains confident that underlying demand is intact, customer hesitancy in placing machine orders has led us to lower our '25-'26 estimates for Coating Systems, as we expect this caution to persist in the near term. We now expect one machine delivery for '25 and two for '26 (previously two/four).</p><h3 class="bm-h3">System sales needed to mitigate liquidity risk</h3><p>While the positive trajectory in Coating Services is encouraging, we believe a recovery in System sales is necessary to mitigate the company&#8217;s long-term liquidity risk. To diversify growth and reduce reliance on traditional hydrogen applications, the company is broadening its offering to new areas, such as solid-oxide fuel cells for data centres, a gas-fueled but hydrogen-ready segment, offering nearer-term commercial potential. The company is currently trading at 2.0x-1.6x '25e-'27e EV/sales.</p></td></tr></table>

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