This article first appeared on GuruFocus .
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Net Sales:Increased 11% to SEK9 billion, with 5% organic growth.
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Order Growth:Total order growth of 14%, with 8% organic growth.
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EBITDA Margin:Improved to 14.7%.
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EBITA Margin:Increased to 14.7%, compared to 13.7% last year; excluding revaluation effects, it was 14.9%.
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Cash Flow from Operating Activities:Improved 20% in the quarter.
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EPS Growth:Increased 23% in the quarter.
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Net Debt/EBITDA:Maintained at a controlled level of 1.7.
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Acquisitions:Nine companies acquired in 2026, contributing SEK1.5 billion in annual turnover.
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Gross Margin:Strengthened due to successful price increases passed to customers.
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Return on Capital Employed:Stable at 18%.
Release Date: July 16, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Indutrade AB ( IDTRY ) reported a strong quarter with a 14% increase in total order growth, 8% of which was organic.
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Net sales reached a record high of SEK9 billion, with a strong organic growth of 5%.
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EBITDA margin improved to 14.7%, supported by good operational leverage and margin-accretive acquisitions.
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The company successfully acquired nine companies in 2026, with a strong acquisition pipeline in place.
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Cash flow from operating activities increased by 20%, and the order backlog is 8% higher than the same period last year.
Negative Points
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Sales in Denmark were down due to lower deliveries to Novo Nordisk, impacting the overall performance in the Nordic region.
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The Benelux region experienced a slightly negative development due to lower construction activity and tough comparisons.
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Infrastructure & Construction segment was down 3%, still impacted by weaker general demand and lower order book values.
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Technology & System Solutions had a lower EBITA margin compared to last year, affected by weak performance in a few project-oriented companies in the UK.
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The financial net debt increased due to the increased acquisition pace, with net debt/EBITDA slightly higher than last year.
Q & A Highlights
Q: Could you provide an update on lead times in the context of the larger order book this quarter? A: We have longer lead times in the life science and energy segments, but many deliveries are expected in Q3 and Q4. The life sciences performance was broad-based, particularly strong in medical technology companies, with significant growth in the Polish market.
Q: Can you break down the margin improvement between operating leverage and M&A contributions? A: The biggest driver for margin improvement was organic growth, with a 5% increase in organic sales and an 11% increase in organic profit. Acquisitions also contributed positively.
Q: What is the outlook for M&A activity in the second half of the year? A: We have a strong pipeline and expect to maintain a good pace of acquisitions in the second half of the year, with less hesitation in finalizing projects.
Q: Are there specific sub-segments in Infrastructure & Construction that are trending positively? A: There is broad improvement in several countries, with strong positions in water and wastewater segments. The new leadership is expected to focus on revenue growth and business development.
Q: How sustainable is the growth in the life sciences segment, particularly in the Polish market? A: The growth is sustainable, with strong demand from medical technology companies and a promising investment phase in the Polish market. We are not dependent on single companies, providing a stable platform for future growth.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
