Addtech (ADDT) Q2 26/27 earnings summary

Executive summary

• Q2 net sales rose 8% to SEK 5,907m, including 2% organic growth; EBITA increased 17% to SEK 987m and reported margin reached 16.7%.

• Excluding one-offs, Q2 EBITA grew 11% and margin improved 0.3 percentage points YoY; strong order intake and positive book-to-bill supported momentum.

• H1 net sales increased 7% to SEK 12,079m and EBITA rose 14% to SEK 2,013m, with a 16.7% margin.

Financial highlights

• Q2 profit after tax rose 17% to SEK 581m and diluted EPS increased to SEK 2.10 from SEK 1.80.

• H1 operating profit rose 14% to SEK 1,696m, profit after tax increased 14% to SEK 1,212m and diluted EPS reached SEK 4.40 from SEK 3.80.

• Gross margins improved across business areas, supported by product mix, pricing, acquisitions and restructuring measures.

• Q2 operating cash flow was SEK 717m versus SEK 859m; higher working capital and inventories weighed on cash flow.

Outlook and guidance

• A well-filled order book and strong order intake support expectations for positive development in coming quarters, though geopolitical uncertainty remains.

• Management expects continued strong organic growth in Automation and Electrification, supported by order intake and book-to-bill.

• Energy entered H2 with a stronger order book and strong momentum; significant H2 improvement is expected, while the prior-year Q3 margin was exceptionally strong.

• RAMME deliveries are expected to ease in H2 from H1; a well-filled acquisition pipeline and strong balance sheet support expectations of a continued high acquisition pace.