Redeye provides its initial take on Indutrade’s Q4 2025 report, which missed on earnings, mainly due to two relatively large project write-downs in the UK. Order intake continued to improve, signalling that demand is gradually improving, and M&A contribution continued to grind higher after a slow start to 2025. If we adjust for the project write-downs in the UK, EBITA missed our projections by 5%. Despite that, we would argue that Indutrade enters 2026 in solid shape, with improving demand and M&A contribution and a strong balance sheet.
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