Indutrade AB (publ)

Strong Q3 & improving demand/momentum (what’s good): Indutrade delivered organic growth +5% in Q3 (full-year/rolling context: organic +6% cited for the quarter highlights) and net sales +13% YoY driven by acquisitions (+8%) plus organic. Order intake improved across all business areas; book-to-bill slightly positive at 101% (notably, Q3 is “normally a weak book-to-bill quarter”). Order backlog is +11% YoY, but skewing toward longer lead-time orders (energy projects).

Profitability + cash generation improved (what’s good): EBITA margin improved to 15.3% from 14.6% (also reflected in EBITA +19% YoY). Management attributed improvement to operational leverage, strong gross margins, and margin-accretive acquisitions. Operating cash flow +20% QoQ to SEK 1.2bn, and rolling 12-month operating cash flow SEK 4.3bn; cash conversion described as high and stable.

Acquisition-led growth remains a key driver (opportunity): 13 acquisitions announced in 2026 to date with total annual turnover ~SEK 2.1bn. Q3 included add-ons (Dorte Egelund, Albiox) and Controlin (electrification specialist). In Q4, acquisitions of Euromed and Sinmed (Poland, Life Science) and Schraner (Germany, Infrastructure & Construction fire protection). Acquired-company EBITA margin noted at 18.3% in Q3 (including transaction costs; underlying said to be higher), supporting margin accretion.