Lagercrantz Group-OSG +6% and stellar margins in Electrify driving 5% EBITA beat-05/19/2026

Research evidence excerpt

Lagercrantz Group-OSG +6% and stellar margins in Electrify driving 5% EBITA beat-05/19/2026

Lagercrantz Group

NEWSFLASH | 19 MAY 2026

OSG +6% and stellar margins in Electrify driving 5% EBITA beat

Lagercrantz delivered another solid quarter driven by strong demand in electrification, infrastructure, security and defense.

OSG +6% was well ahead of PAS/cons. at 2.8/2.5% while lower contribution from acquisitions was attributable to seasonally

weak periods for Friggeråkers and Epoke. OOI +5%, down 2pp compared to last quarter but still well ahead of peers. EBITA-

m +0.8/0.9pp above PAS/cons., almost entirely driven by Electrify which reported a 23.7/22.1% EBITA beat. Expect shares

LSD ahead of mkt following strong performance leading up to the report. We have a Buy rating and TP SEK 255.

Highlights from the report

Sales beat of 0.8/0.0% vs PAS/cons.

OSG +6% well above est, contribution from acquisitions lower, attributable to seasonality effects which elevated contribution

previous quarters

Company mentions both Friggeråkers and Epoke entering a period with lower levels of activity

OOI +5%, down slightly from last quarter but in line with avg last few quarters

EBITA +5.0/5.1% vs PAS/cons.

Primarily driven by strong margins for Electrify segment, mirrors trend seen last quarter

Company reports high demand in electrification, infrastructure, security, and defence

Construction remains soft which has already been seen among peers

TecSec sales performance largely driven by stronger demand among safety & security companies

Weaker U.S. market impacted several companies in Niche Products. The company has previously mentioned impact from tariffs

and the government shutdown

Conclusions for the share

We currently have a Buy rating and TP SEK 255 for Lagercrantz