Q2 results beat extremely challenging comps
Nordic Waterproofing (NWG) continues to beat expectations, with yet another exceptional quarter despite extremely challenging comps. Sales came in at SEK 1,067m, up 12% y-o-y (organic +8%, FX -3%, M&A +7%) and 12% better than ABGSCe. As per usual, Products & Solutions was the main driver of the positive deviation (11% better on sales vs. ABGSCe). The segment grew organically by 12% on strength in Bitumen-based products combined with high double-digit growth in prefab elements. Profitability was impressive, with group EBIT at SEK 160m (17% above ABGSCe at 139m) while Products & Solutions delivered a margin of 19.1% (16.6%) for EBIT 33% above ABGSCe. We expect that the margin for bitumen-based products improved slightly y-o-y, but that prefab elements drove the majority of the margin improvement. On the other hand, Installation Services was sluggish (-56% vs. ABGSCe on EBIT), as the Finnish market continues to be weak.
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