We make limited revisions to our 2026-27 estimates, lowering adjusted EBIT by ~1%. Our near-term estimates are challenged by what we see as largely temporary negative mix effects in the US, however, hence we lower the 2025E adjusted EBIT margin by -70bp...

We downgrade our 2025-27 sales estimates by ~8%, owing to FX, while we downgrade 2025E-27E adjusted EBIT by 15-19%, mainly due to our expectation of margin pressure, particularly in North America. While we expect a more limited near-term impact, owing...

Volvo delivered a mixed report, with EBIT 12% below Infront consensus. More importantly for Ferronordic however, we note that the company reported truck orders improving by 13% y/y - beating consensus by 6pp, in turn driven by strong demand in Europe...

Ferronordic reported a mixed set of Q4 2024 numbers, with sales clearly beating our expectation, largely due to significant (and price driven) new unit growth in Germany. We believe our previous organic equipment growth assumption of 8% for 2025 in Germany...

Germany weaker than expected, US stronger We make more cuts in Germany High leverage is the bottleneck for US expansion Q4: Germany especially messy, US stable Ferronordic reported Q4 net sales 10% above FactSet consensus, but adj. EBIT was SEK 19m vs...

We lower our 2025-26 sales estimates by 4%, mainly driven by Germany. We raise our 2025-26 adjusted EBIT estimates by 0-1%, however, owing to our expectation of a continued favourable operating environment in the US, which should support rental conversions...

Q4e: Germany likely stagnant, US solid 12-9x '25e-'26e EV/EBIT, distributor peers at 14-13x De-leveraging in focus, then US expansion Q4e: Germany likely stagnant, solid quarter in the US We expect Ferronordic to report Q4 sales of SEK 1,223m and EBIT...

Some positive signs in Germany, but market still weak '25e-'26e EBIT raised by 11-12%, driven by Germany Take-aways for Ferronordic from Volvo CMD in the US Cost cuts bearing fruit, and positive signs on new orders Ferronordic reported a Q3 adj. EBIT...