Bright spot in FMWT
Q2 sales were SEK 228m, -3% y-o-y and flat y-o-y in local currencies, while EBIT adj. was SEK 16m (14m). The highlight of the report was FMWT, which performed strongly both in terms of sales and profitability. Sales grew +9% y-o-y, and the EBIT adj. margin improved to 16% (6% in '24). We expect the company's streamlining efforts, combined with increased demand, to lift EBIT margins to 16% for FY'25e in FMWT (vs. 13% and 1% in '23/'24). Scandpower sales were impacted by seasonal variations and were lower in Q2, but we expect licence sales to trickle in during H2’25e, contributing to >10% growth for FY’25e. Moreover, we remain cautious on the company's Decommissioning segment, which is facing tough competition and impacted margins negatively in Q2; we expect this pressure to continue in the coming quarters.
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