Atlas Copco (AO) | Buy | Q2 first take: Order intake strong across the board

研报英文原文证据摘录

Atlas Copco (AO) | Buy | Q2 first take: Order intake strong across the board

News comment

Release date: 16 July 2026

Nicklas Koller

Equity Research Analyst

+468 72 351 54

nkoller@keplercheuvreux.com

BuyAtlas Copco

Sweden | Capital goods Beta Profile: MCap: SEK909.9bn Country Top Picks

Target Price: SEK215.00 Bloomberg: ATCOA SS Reuters: ATCOa.ST

Current Price: SEK186.85 Free float 83%

Up/downside: 15.1% Avg. daily volume (SEKm) 1,743.9

YTD abs performance 12.5% Market data: 15 July 2026

52-week high/low (SEK) 197.40/144.00

Q2 first take: Order intake strong across the board

Key points:

Atlas Copco delivered a clearly stronger-than-expected Q2, with order intake the key highlight. Group organic orders increased

26%, well ahead of consensus and KECH at c.11%, with broad-based strength across all four business areas. VT was the standout,

with organic orders up 59%, while CT rebounded sharply at +19%, supported by both industrial compressors and Gas & Process

while IT and PT also posted strong order intakes. Margins were somewhat less clean, with CT and VT below our estimates, but this

is secondary to the very strong order momentum and improved demand picture.

Group order intake came in at SEK51.0bn, 13% vs consensus and 13% vs KECH, while adjusted EBIT was SEK9.5bn, 2% vs consensus and

1% vs KECH. Sales were SEK45.0bn, 3% vs consensus and 2% vs KECH, corresponding to an adjusted EBIT margin of 21.0%, versus

consensus at 21.1% and KECH at 21.2%. Organic order growth was 26% at group level, well ahead of consensus and KECH both at c.11%

Business areas - Strong across the board

Compressor Technique: CT organic order growth came in at 19%, compared with consensus at 7% and KECH at 8%, clearly

demonstrating a normalisation in CT orders after the softer Q1 print.