Addtech (1K) | Buy | Margins beat the cycle

研报英文原文证据摘录

Addtech (1K) | Buy | Margins beat the cycle

#EstimatesRevision

Release date: 15 July 2026

Company research

ESG profile BuyAddtech

Sweden | Capital goods Beta Profile: MCap: SEK91.0bn

Target Price: SEK380.00 (375.00) Change in TP: 1.3 % Bloomberg: ADDTB SS Reuters: ADDTb.ST

Current Price: SEK337.00 Change in Sales: 0.1% 27E/0.3% 28E Free float 91%

Up/downside: 12.8% Change in Adj EBIT: 0.9% 27E/1.0% 28E Avg. daily volume (SEKm) 227.8

YTD abs performance 2.9% Market data: 14 July 2026 Change in Adj. EPS: 1.5% 27E/1.6% 28E

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

Margins beat the cycle Price performance

Why this report?

Following Addtech’s Q1, which delivered a 3% EBITA beat and continued

underlying margin expansion despite flat organic sales, we raise our 2027-29E

EBITA and EPS estimates by c.1%. The quarter reinforces our thesis that mix,

pricing, accretive M&A and restructuring can sustain earnings growth before

volumes recover. With positive book-to-bill and very strong Energy order

intake, management expects organic growth to improve towards H2. We

retain a Buy rating and raise our target price to SEK380 (375).

Key findings

Q1 sales grew 6%, in line with consensus. EBITA was 2.8% ahead, while the 16.6%

margin was 40bps better; EBITA and EPS increased 11% and 15% YoY. Earn-out

revaluations were stable YoY, so the margin expansion is primarily operational. FY to 31/03 (SEK) 03/26 03/27E 03/28E

Automation, Electrification and Safety drove the beat and provide a solid base for Sales 22,703 24,730 26,106

further earnings growth. Automation has now reported five consecutive quarters EBITDA adj. 4,100 4,590 4,952

EBIT adj. 3,641 4,104 4,471 of improving order intake, Electrification continues to see broad-based demand, Net profit adj. 2,575 2,964 3,293