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Third party research

Inission: Accelerated demand headwinds in H2 - ABG

Inission

This is a third party research report and does not necessarily reflect our views or values

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Q3e sales -7% y-o-y (-12% org.), adj. EBITA 5.4% (8.8%)
Accelerated demand headwinds, cost reductions lag volumes
Demand recovery in Q2-Q3'25e, but margins better in H1'25e


Q3 expectations

The EMS industry is facing accelerated demand headwinds as evidenced by peer reports and Inission's reduced FY financial targets. Therefore, we forecast Q3 sales to be down 7% y-o-y (-12% organic), compared to +2% in H1, and an adj. EBITA margin of 5.4% (8.8%), with the margin decreasing vs. a tough comparison as cost reductions are lagging volumes.
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