Indutrade AB (publ)

Strong quarter fundamentals (good): Organic growth +6% (all 5 business areas improved), book-to-bill slightly above 1 at 101%, and net sales +13% (driven by acquisitions +8% and organic sales +5%; currency had no impact). EBITA margin improved from 14.6% to 15.3% and cash flow up +20%.

Order intake and backlog quality (mixed/surprising): Order intake improved across all business areas despite Q3 normally being a weak seasonality quarter; order backlog is now +11% vs same period last year. Management highlighted that the backlog is increasingly weighted toward longer lead-time orders (not “all long lead times”), largely linked to energy/AI/data center investment (e.g., gas-turbine-related equipment with long order cycles).

Profitability and margin drivers (good, with caveats): EBITA improved +19% to a margin of 15.3%. Drivers: strong gross margin, continued price increases (especially freight/raw materials) and margin-accretive acquisitions. Year-to-date / rolling: 14.5% EBITA margin on a rolling 12-month basis (14.2%), above financial target; ROCE improved to 19% (from 18% in 2025), closing in on 20%.