Systemair AB (publ) SYSR

Stockholm | Industrials | Ventilation and indoor climate (HVAC)
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Updated: 28 Aug 2026 Base analysis: 6 Apr 2026

The news check keeps the assessment current.

General analysis — not personal advice.

BUY Clear

Maintain the current position and consider adding gradually (e.g., 2–3 tranches) rather than waiting for much lower levels; use Q1 2026/27 (27 Aug 2026) to confirm the growth/margin trend persists.

Strong organic growth, margin improvement towards the 10 % target and the strategic North American acquisition support the positive signal.

Market sentiment Positive ↑
Trend: Improving

The market reacts positively to the margin improvement in the report and the new data centre order confirming growth in the segment.

Risk assessment Low
Dilution: Low Strong cash flow, no equity raise indicated
Jurisdiction: Low Mostly stable markets, diversified global exposure
Execution: Medium New CEO, new plants, acquisition integration

BUY is the call. Positive is the market mood. Low risk means less can go wrong.

Latest change
  • 28 Aug 2026 — The report was published on 27 August and shows margin improvement plus a new data center order confirming growth.

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About the company

Systemair AB (publ) is a global supplier of ventilation and indoor climate solutions. The company develops, manufactures, and sells products such as fans, air handling units, and air curtains under brands including Systemair, Frico, Fantech, and Menerga. Profitability is stable, but reported revenue is currently pressured by FX headwinds.

Sector: Ventilation and indoor climate (HVAC)
Type: Industrial
Next report (Q2)
10 Dec 2026
Bull case

The Temspec acquisition and confirmed organic growth strengthen growth prospects in North America.

Bear case

Currency headwinds and weaker demand in parts of the European market may continue to limit reported growth.

Why this signal

Strong organic growth, margin improvement towards the 10 % target and the strategic North American acquisition support the positive signal.

Recent news
  • The Q1 report for May–July was published on 27 August with revenue of SEK 3 281 million, organic growth of 6 % and adjusted EBIT margin of 9.9 %. The company won a SEK 60 million order for air-based data centre cooling in Finland with deliveries starting in 2027. The AGM approved a dividend of SEK 1.45 per share payable on 3 September.

Key figures

Revenue
Q1 2026
SEK 3.3B
EBITDA
Q1 2026
SEK 430M
Net income
Q1 2026
SEK 229M
Shares outstanding
Apr 2026
RAW 208M
EPS
Q1 2026
SEK 1.10
Exchange
Stockholm
Type
Industrials
Sector
Ventilation and indoor climate (HVAC)
Systemair AB (publ) SYSR
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