Husqvarna HUSQ B

Stockholm | Industrials | Outdoor power products and garden/forestry equipment

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Full analysis: 6 Apr 2026 Latest news check: 18 Jul 2026

General analysis — not personal advice.

HOLD 6/10

Confidence

Maintain the current position and use Q3 to look for evidence of stabilising European volumes and savings flowing through without reliance on one-offs; consider adding only with clearer demand recovery or improved competitive positioning in robotic mowers.

HOLD: Q2 confirms solid cost control and cash flow, but the organic decline and uncertainty in Europe/competitive dynamics make the risk/reward more balanced until we see sustained volume and mix improvement in coming quarters.

Market sentiment 6/10 ↓

Trend: Declining

Sentiment has softened slightly after the post-report reaction: investors like the margin resilience and cash generation, but worry about ongoing volume pressure in Europe, competitive price pressure in consumer segments, and that part of the margin support was one-off (tariff refunds).

Risk assessment 6/10

Dilution: Low Cash-flow positive; no equity raise indicated

Jurisdiction: Low Sweden/EU base; stable legal framework

Execution: Medium Savings and pricing actions must deliver

Recent changes

Q2 delivered revenue -6% (organic -4%) but a 13.6% adjusted operating margin and strong free operating cash flow. Cost-savings ambition was raised to SEK 3bn annually by end-2028 and a strategic review of Gardena…

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About the company

Husqvarna AB develops and sells outdoor products such as robotic lawn mowers, chainsaws, trimmers, watering systems (Gardena), and diamond tools for construction. The company is profitable but faces margin pressure and weaker North American demand, while investing in robotics/battery products and a larger cost-savings program toward 2030.

Sector: Outdoor power products and garden/forestry equipment

Type: Industrial

Next report

19 Oct 2026

Catalysts

●

19 Oct 2026

Q3 2026 report High

○

Q1 2027

Execution of expanded cost-savings program (towards 2028) Medium

◦

Unknown

Update on strategic review of Gardena Powered Garden Medium

Horizon:

Bull case

Margins can be defended and cash flow remain strong as the savings program accelerates and North America continues to recover, potentially driving a re-rating from depressed levels.

Bear case

Continued European volume declines and intense consumer/robot price competition could offset savings, forcing further restructuring or weakening earnings quality.

Signal rationale (informational)

Recent news

Husqvarna released Q2 (Jan–Jun 2026) with sales down 6% (organic -4%) but an adjusted operating margin of 13.6% above expectations, strong free operating cash flow, and items affecting comparability tied to cost savings and a Brastad impairment; the company raised its cost-savings ambition to SEK 3bn annually by end-2028 and launched a strategic review of Gardena Powered Garden (update expected early 2027), and AQR disclosed a new 0.51% short position.

Price & valuation

Last close

SEK 39.30

2026-08-11

1 week

-2.9 %

3 months

-11.0 %

12 months

-28.3 %

From 52w high

-32.0 %

From 52w low

+12.3 %

Exchange

Stockholm

Type

Industrials

Sector

Outdoor power products and garden/forestry equipment