Nederman Holding AB (publ) NMAN
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Full analysis: 6 Apr 2026
Latest news check: 17 Jul 2026
General analysis — not personal advice.
SELL
6/10
Confidence
Trim exposure until Q3 confirms that the stronger order intake converts into revenue and margin pressure eases. Keep only a core position if you have a long horizon and can tolerate near-term earnings softness.
Reduce: Q2 confirms that earlier-year weakness is now flowing through to revenue and margins, and EBIT came in below expectations. Strong order intake is supportive but needs proof via revenue conversion and margin recovery; until then, risk/reward looks less attractive.
Market sentiment
5/10
↓
Trend: Declining
Sentiment has weakened after Q2 as profitability and revenue declined and EBIT missed expectations, despite strong order intake and improved operating cash flow.
Risk assessment
7/10
Dilution:
Low
Positive cash flow, no equity raise signals
Jurisdiction:
Low
Sweden/EU/US, low political risk
Execution:
Medium
M&A and efficiency programs require delivery
Recent changes
- Q2/H1 showed lower net sales (1,361.7 MSEK) and pressured margins; EBIT of 96.9 MSEK came in below expectations. Order intake was strong (1,482 MSEK, +6.3% FX-neutral) and EPS was 1.54.
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Show all changes (4) — follow the company freeAbout the company
Nederman is an industrial environmental-technology company providing solutions for industrial air extraction, filtration, and emissions/process monitoring. It operates globally and combines project deliveries with growing service and IoT-based recurring revenues. Profitability is positive but has been pressured by FX and macro uncertainty.
Sector:
Industrial air filtration and environmental technology
Type:
Industrial
Next report
21 Oct 2026
Q3
Catalysts
21 Oct 2026
Q3 2026 report: order conversion and margins
High
22 Oct 2026
Q3 2026 report
Medium
Q4 2026
FX and tariff developments
Medium
Horizon:
Bull case
Q1 report (17 Apr 2026) could confirm improved order momentum from Q4
- SEK 4.00 dividend may provide near-term support
- Continued strength in service/aftermarket can stabilize earnings
Bear case
Ongoing FX headwinds may pressure reported sales and margins
- Macro uncertainty may delay customer CAPEX decisions
- Risk of margin disappointments despite better orders
Signal rationale (informational)
Reduce: Q2 confirms that earlier-year weakness is now flowing through to revenue and margins, and EBIT came in below expectations. Strong order intake is supportive but needs proof via revenue conversion and margin recovery; until then, risk/reward looks less attractive.
Recent news
- On 16 July 2026, Nederman released Q2/H1 2026 results: net sales SEK 1,361.7m (1,439.1), order intake SEK 1,482m (1,425) with +6.3% FX-neutral growth, EBIT SEK 96.9m (127.0) and net profit SEK 53.8–53.9m (69.4–69.7), EPS 1.54 (1.97). Margins were pressured and EBIT came in below market expectations, leading to a mildly negative share reaction around the report. The company also communicated a new/expanded credit facility increasing available borrowing capacity (reported up to ~SEK 3,000m total). Next report is Q3 on 21 October 2026.
Price & valuation
Last close
SEK 132
1 week
-1.8 %
3 months
+12.5 %
12 months
-18.9 %
From 52w high
-22.1 %
From 52w low
+13.8 %
Exchange
Stockholm
Type
Industrials
Sector
Industrial air filtration and environmental technology
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.