Nederman Holding AB (publ)

Total order intake was SEK 1.48 billion, versus SEK 1.425 billion a year ago, representing 6.3% currency-neutral organic growth. Sales were down 3.7% currency neutral, or SEK 77 million lower than the same quarter last year. Adjusted EBITA was SEK 114 million, with an 8.3% margin, and EPS was SEK 1.54 versus SEK 1.97 last year. Operating cash flow was SEK 69 million versus SEK 59 million in Q2 last year. By division, E&FT had orders of SEK 716 million and sales of SEK 611 million; PT had orders of SEK 380 million and sales of SEK 390 million with an 8.9% EBITDA margin; D&FT had external orders of SEK 194 million and sales of SEK 203 million with a 19% EBITDA margin; M&CT had orders of SEK 192 million and sales of SEK 178 million with a 7.2% EBITDA margin. Management did not provide formal quarterly or full-year guidance, but said cash flow should continue into Q3 and Q4 and that sales should pick up as backlog converts, especially in E&FT and D&FT.

Sven Kristensson framed the quarter as a clear improvement from the weaker start to the year, saying customer activity increased and order intake strengthened across the group. He emphasized that Nederman is gaining market share through innovation, operational improvements, and a growing service business, and highlighted the company’s market leadership in cleaner production, safer work environments, and resource efficiency. His tone was confident but cautious on the macro backdrop, repeatedly noting that customers are still hesitating on bigger decisions because of uncertainty.

Matthew Cusick focused on the numerical improvement in orders and the temporary drag from early-quarter sales softness. He highlighted the SEK 1.48 billion order intake, the 3.7% currency-neutral sales decline, adjusted EBITA of SEK 114 million, EPS of SEK 1.54, and operating cash flow of SEK 69 million, while noting that the SEK 140 million dividend payment pushed net debt higher in Q2. He also pointed to margin pressure in Monitoring & Control from lower volume and mix, while saying the business should see a quick margin rebound as volumes recover. On capital allocation and balance sheet, he said cash generation is healthy, net debt should ease when larger Process Technology orders come through, and there were no signs of payment stress or bad debts.

Analysts focused on whether improving orders were delayed decisions or new demand, and management said it was both: a strong pipeline plus hesitant customer decision-making due to macro uncertainty. Questions also centered on weak Monitoring & Control margins; management said the main issue was lower volume, though they also acknowledged mix pressure, investments in Singapore and Korea, and expect margins to pick up clearly. Other discussion covered short-term conversion timing for small and mid-sized orders, which management said provides better visibility into Q3 and Q4 but could extend into Q4 because of Europe’s seasonality and transport delays, plus net debt, where management said Process Technology’s larger cash-positive orders would likely drive it down.