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Third party research

INVISIO: Better-than-expected on all items - ABG

INVISIO

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

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* Orders +11% vs cons, sales +14% and adj. EBIT +32%
* Europe is leading the way (+90% y-o-y), high activity remains
* Estimates up 5-10%, stock a bit more


Q4 details

Sales SEK 684m (7% vs ABG 637m, 14% vs cons 599m). Adj. EBIT 224m (19% vs ABG 189m, 32% vs cons 170m). Adj. EBIT margin 32.8% (ABG 29.6%, cons 28.4%). Order intake SEK 660m (26% vs ABG 525m, 11% vs cons 593m). Organic sales growth 22% (ABG 15%, cons 10%), gross margin 59.8% (vs ABG 59.0%, cons 59.6%). DPS SEK 3.00 (9% vs ABG 2.76, 46% vs cons 2.05). OCF of SEK 55m (23m in Q4’24) is good.


A strong end to the year

A much better report than expected on basically all items. Europe leads the way in terms of sales and grew 90% y-o-y in Q4, while North America declined on a tough comp. Guides for high activity to continue for many years, customers looking for full-service solutions (which Invisio provides) and it is staffing up sales functions to capture market shares. The order beat is positive for sales volumes in 2026e.


Estimates +5-10% share somewhat more

We expect consensus to raise 2026e EBIT by 5-10% on the back of the order beat. Share to outperform at least similarly, after a weaker Q3.
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