Infrea is an industrial group that develops, builds and manages infrastructure projects such as road and ground systems, water and sanitation solutions and civil engineering works. The company targets municipalities, construction companies and public clients and operates in markets in Sweden and internationally through partnerships. Infrea was founded in 2012 and is headquartered in Stockholm.
* Different stories depending on segment... * ...overall better than we expected... * ... but share price is pegged to Netel Diverging segments with Paving carrying the beat Note, Infrea sold its Water & Sewage segment during Q4'25, and we have the segment...
* Sales +1%, EBITA +11% vs. ABGSCe, 3% org. growth * '26e-'28e EBITA estimates likely up 3-7% * Share to focus on good performance in Paving services Q2 details Infrea delivered a strong report. Organic sales was +3% y-o-y, and EBITA margin at 4.4% vs...
* The merger in focus for now * Three announced orders in the quarter * Infrea's share price pegged to Netel's Merger with Netel The main event in the quarter is the merger between Infrea and Netel, as we wrote about in our Fast Comment (Infrea and Netel...
* Infrea and Netel to merger * The combined company to have ~SEK 5bn in revenue * Stynnergies of ~SEK 50m yearly A 12% premie to close, an 8% discount to 90 days average Netel and Infrea intend to carry out a merger between the companies where Netel ...
* We expect Civil Engineering spending to rise * Taking advantages from being part of a group * 7-4x EBITA '26e-'28e, 17-13% FCF yields Civil engineering on the rise On Thursday we hosted Infrea's CEO, Martin Reinholdsson, at ABGSC's Investor Days. Mr...
* Normalisation in a small quarter * Better cash flow, low net debt and buybacks * M&A on the way and infrastructure spending to rise Sales and earnings miss driven by normalisation Infrea sold its Water & Sewage segment during Q4'25, and we have included...
* Sales -15%, adj. EBITA -15% vs. ABGSCe, -15% org. growth * '26e-'28e adj. EBITA estimates likely down 5-10% * Share to focus on cash flow and market activity Q1 details Infrea delivered a slightly soft report in a small quarter. Organic sales was -...
* Entering 2026e in better shape * Early signs of an improving market * 7-5x EV/EBITA '26e-'28e, 16-10% FCF yields In better shape Infrea is entering 2026e with a clearer business model and in better internal shape. The Water & Sewage segment has been...