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Third party research

Impact Coatings: No machines, but improved services - ABG

Impact Coatings

This is a third party research report and does not necessarily reflect our views or values

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* Sales SEK 18m (+7% vs. ABGSCe 16m)
* Better than expected EBIT of SEK -3.3m (vs. ABGSCe -10m)
* Improvements in Coating Services (+47% growth y-o-y)


Q4 results

Sales came in at SEK 18m (+7% vs. ABGSCe 16m), -58% y-o-y. There were no machine deliveries in the quarter, as expected. However, Coating Services delivered a solider quarter and grew +47% y-o-y with sales of SEK 15m (10.4m). EBIT adj. was much better than expected at SEK -3.3m (+7m vs. ABGSCe -10m) due to better than expected cost control. During the quarter, the company carried out a rights issue, providing SEK ~26.6m before costs (of SEK -3.2m). The company ended the quarter with a cash balance of SEK 37m.


Estimates and outlook

On numbers alone, '25e-'27e sales change by +3%, and EBIT adj. changes by SEK +7.2m. On outlook, management writes that while the market remains challenging, the actions taken in 2025 have made the company leaner and better positioned. Focus in 2026 is on driving commercial success, increasing system sales, and expanding into new areas (especially SOFC/power generation).


Valuation

The share has returned -2% L3M (vs. peer median +2% and OMX Stockholm Allshare +5%), and is currently trading at 2.1x-1.7x '26e-'27e EV/Sales on our pre-report estimates vs. the peer median of 1.9x-0.7x.
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