Indutrade AB (INDT.ST): Strong organic inflection (although not broad-based), margin beat and accelerating M&A; remain Neutral on

Research evidence excerpt

Indutrade AB (INDT.ST): Strong organic inflection (although not broad-based), margin beat and accelerating M&A; remain Neutral on

pGEASchneiderNIBEMetsoWartsilaA/S Atlas Daimler PrysmianGVSAlstomKnorr-BremseSchneiderA/S CNH Knorr-BremsePrysmianAlstomVolvoRexelFLSmidthGVSAristonNexansTruckDaimlerSKFIndustrialCNHElectroluxSEBTratonKonecranesSignify

EPS CAGR 2025-29E Median PEG ratio (PE 12m fwd / EPS CAGR 2025-29E) Median

Source: Company data, Goldman Sachs Global Investment Research Source: Goldman Sachs Global Investment Research

Exhibit 11: We expect below-sector median cash returns, Exhibit 12: ...as well as below-sector median FCF yield

given a strong preference for M&A FCF yield 2026E

Dividend and buyback yield 2026E

8% 16.0%

14.0%

6% 12.0%

10.0%

4%

Median: 2.7% 8.0%

6.0% Median: 4.0% 2%

4.0%

2.0%

0%

0.0%

ABBLaval Abloy -2.0% NIBEGroup SignifyGroup IMI FLSmidthPlc AddtechCarelLifcoHalmaA/SNKTAlstomElectrolux AlfaIndutradeEpirocCopco SchindlerWartsilaTrelleborgKONETratonGeberitRexelSiemensRationalAristonSKFDeLonghiNexansMetsoSandvikVolvoSchneiderAccelleronIndustrial Assa VAT Laval Weir GEA Abloy GVSSEBPrysmianKonecranesTruck Atlas Group Group Copco Daimler LegrandKnorr-BremseGroup CNH NKT Electrolux IMITruckTrelleborgTratonSandvikSchindlerNIBEKONEGroup IndustrialSmiths VolvoSiemensLegrandMetsoWartsilaSchneiderRationalEpirocHalmaPrysmianAddtechLifcoIndutradeGeberitA/S AlfaFLSmidthABBAccelleronCarelAlstomSKFGroup Assa VAT Weir GEA SignifyAristonSEBGVSRexelKonecranesDeLonghiNexansPlc Atlas Iveco Dividend yield 2026E Special dividend yield 2026E Daimler CNH Knorr-Bremse

Buyback yield 2026E Median FCF Yield 2026E Median

Source: Goldman Sachs Global Investment Research Source: Goldman Sachs Global Investment Research

20 July 2026 4