* Q2e: 22% sales growth and adj. EBITA margin of 6.0% (4.8%)
* We raise '26e-'28e adj. EBITA by ~1% on updated FX rates
* Trading at 14x/10x '26e/'28e P/E vs Nordic EMS peers at 16x/12x
Q2 expectations
We expect Q2'26 sales of SEK 654m, up 22% y-o-y, driven by 13% organic growth, 8% from M&A, and a small FX tailwind, leaving sales roughly flat sequentially vs Q1's underlying level. We forecast an adj. EBITA margin of 6.0% (4.8%), a bit below Q1's very strong 7.0%, as we are slightly cautious of extrapolating that rate fully, as margins have historically swung quite a bit between Q1 and Q2. On a segment level, we expect Inission (EMS) sales of SEK 610m at a 6.0% adj. EBITA margin (6.6%) and Inission Power (OEM) sales of SEK 117m at a 2.0% margin (-6.2%), with Power's recovery continuing against weak comparables.
Estimate changes
We raise '26e-'28e adj. EBITA by around 1%, purely as a result of updated FX rates.
Outlook and valuation
Management guides for '26 sales of SEK 2,300-2,500m at a >6% adj. EBITA margin; we forecast SEK 2,650m at 6.6%, above the top end of the range, which we believe leaves room for a guidance upgrade in connection with either this report or the next, supported by the R12m order intake of SEK 2,500m and a positive growth trend. The share is currently trading at 14x/10x '26e/'28e P/E, versus Nordic EMS peers at 16x-12x.