From the ABG report below, one can read how the company’s Q3 was soft, but cost control improved.
The report also states that sales decreased due to growing OEM customer inventories, but on the other hand, a clear pick-up is expected for the end of the year, driven by OEM demand and R290 heat pumps. Sales of the ES brand continue to grow. The company itself estimates that revenue and operating profit for Q4 will turn positive.
Sales forecasts for 2025–2027 are lowered because volume expectations weakened again, but on the other hand, thanks to cost discipline, the earnings outlook improves in the long term. The market is expected to gradually recover, but there is no clear certainty about the speed of change.
- Q3 was softer, but better cost control was positive
- '25e-'27e sales cut by 15-22% on lower volume expectations
- Positive momentum into Q4, driven by OEM recovery & R290 rollout