Addtech (1K) | Buy | Preview: Margins hold through a soft quarter

研报英文原文证据摘录

Addtech (1K) | Buy | Preview: Margins hold through a soft quarter

#EarningsPreview #EstimatesRevision

Release date: 24 June 2026

Company research

ESG profile BuyAddtech

Sweden | Capital goods Beta Profile: MCap: SEK86.9bn

Target Price: SEK375.00 Change in TP: 0.0 % Bloomberg: ADDTB SS Reuters: ADDTb.ST

Current Price: SEK322.00 Change in Sales: none 27E/none 28E Free float 91%

Up/downside: 16.5% Change in Adj EBIT: -0.4% 27E/-0.4% 28E Avg. daily volume (SEKm) 244.7

YTD abs performance -1.6% Market data: 23 June 2026 Change in Adj. EPS: -0.4% 27E/-0.4% 28E

52-week high/low (SEK) 356.20/290.80

Preview: Margins hold through a soft quarter Price performance

Why this report?

Ahead of Addtech's Q1 2026/27 results we have reviewed our model and made

only minor changes, trimming group EBITA by -0.4% on a slightly more

cautious Automation margin. We expect the weakest quarter of the year:

group organic growth of -1.8%, with Energy facing the toughest comparable

in the group and Industry weighed down by Sawmill, partly offset by good

M&A contribution and continued R12m margin expansion. We sit c.2% below

consensus on Q1 sales and EBITA. The investment case remains margin-led,

and we reiterate our Buy rating and SEK375 target price.

Key findings

We expect EBITA margins to continue rising on a R12m basis, with a good M&A

contribution in Q1. We do however see some short-term headwinds in the quarter: FY to 31/03 (SEK) 03/26 03/27E 03/28E

Energy faces the toughest comparable in the group: Q1 last year was an Sales 22,703 24,699 26,033

exceptional quarter with large project deliveries. We expect Energy organic EBITDA adj. 4,100 4,512 4,869

EBIT adj. 3,641 4,068 4,425growth of -10% in Q1 and to be the single largest drag on group growth. The Net profit adj. 2,575 2,921 3,242