<a id="bm-comp-c5f21f1f-3c50-4f9f-9079-2644b5d0d2e2" name="bm-comp-c5f21f1f-3c50-4f9f-9079-2644b5d0d2e2" class="BMCustomAnchor"></a><table><tr><td bm-component-id="c5f21f1f-3c50-4f9f-9079-2644b5d0d2e2" style="vertical-align: top; width:100.000000%;"><ul><li>Strong orders should continue to convert into sales growth (17%)</li><li>Enedo stabilising as comps ease and cost savings take effect</li><li>Earnings recovery: EPS from SEK 3.0 in '25e to SEK 5.2 in '27e</li></ul></td></tr></table><a id="bm-comp-ff0e6393-7ac4-4eb4-9e63-b2282aaa0fb8" name="bm-comp-ff0e6393-7ac4-4eb4-9e63-b2282aaa0fb8" class="BMCustomAnchor"></a><table><tr><td bm-component-id="ff0e6393-7ac4-4eb4-9e63-b2282aaa0fb8" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q4 expectations</h3><p>Supported by the strong R12m book-to-bill of 1.18x, we expect the sales growth seen in Q3 (14%) to accelerate further in Q4, forecasting 17% (8% from M&A). The majority of the growth will come from the Inission segment, but the comps in Enedo have now started to ease substantially, and we therefore expect its y-o-y comparison to start stabilising in Q4, especially given the segment's YTD book-to-bill of 1.3x. We estimate a group adj. EBITA margin of 6.4% (5.2%), after adjusting for SEK 3.5m (0.6pp) in restructuring costs in Enedo, which we expect to be the last charges taken.</p><h3 class="bm-h3">Estimate changes</h3><p>We cut '26e-'27e adj. EBITA by 2%, purely as a result of updated FX rates.</p><h3 class="bm-h3">Outlook and valuation</h3><p>With strong organic growth in the Inission segment, and a clear path to profitability in Enedo given the implemented cost-saving measures and strong book-to-bill in the segment (management expects a return to profitability in Q1), we forecast a significant earnings recovery in the coming two years, as adj. EPS looks set to go from SEK 3.0 in '25e to SEK 4.6/5.2 in '26e/'27e. The share is currently trading at 11x-9x '26e-'27e P/E, compared to its 10-year historical median of 13x-9x and peers at 15x-13x.</p></td></tr></table>
Inission - We expect growth to accelerate further in Q4
27 januari 2026