Inission stock came into this earnings day with a flat short term story and a mixed quarter on the tape. The price closed at SEK72.20 with only modest gains over the past month and a soft 90 day return, even as the latest report showed Q2 revenue of SEK635.4m and basic earnings per share of SEK1.30. The headline is margin repair. Earnings before interest, tax and amortisation stepped up, profit margins improved on the trailing 12 month view and investors now have to decide whether that slow share price reaction matches the profit trajectory.
Is the market pricing Inission as a recovering compounder, or as a low multiple for a specific reason? See how its earnings profile, P/E and fair value estimate line up in our valuation analysis for Inission
Q2 2026 Earnings Summary
- Revenue (Q2 2026 vs. Q2 2025): SEK 635.4m vs. SEK 534.5m (up about 18.9%)
- Net Income (Q2 2026 vs. Q2 2025): SEK 30.0m vs. SEK 12.8m (up about 134.4%)
- Basic EPS (Q2 2026 vs. Q2 2025): SEK 1.30 vs. SEK 0.58 (up about 125.2%)
- EBITA Margin (Q2 2026 vs. Q2 2025): 6.4% vs. 4.5% (up about 1.9 percentage points)
Prefer clean visuals instead of scrolling through another wall of earnings tables and margin figures? See Inission's full financial picture, with a clear valuation breakdown front and center, in the company report for Inission.
Inission margin repair thesis passes first real test
Optimists argue that Inission is turning into a higher quality compounder, powered by steady order intake and post restructuring margin repair. Q2 gives that claim some backing. Group sales reached SEK 635.4m, with organic growth of about 7.4% once you strip out the Selteka effect. EBITA margin moved to 6.4%, helped by Inission EMS at 6.7% and an H1 average of 7.2%, which is broadly in line with management’s near term EMS target of around 7% or above. Inission Power shifted from loss to a SEK 3.8m EBITA profit at roughly a 4.3% margin. That is exactly the kind of operational progress the restructuring story called for. The order book looks solid enough to justify the inventory build, which supports the idea that current profitability is not purely a one quarter event.
Bear case on demand risk and execution not closed
Critics worry that Inission’s margin uplift relies too heavily on a supportive cycle and that any wobble in demand or execution would quickly show up in earnings. Q2 does not close those concerns. The share price is roughly flat over 90 days despite EPS more than doubling to SEK 1.30, which hints that investors are still cautious on durability. Group EBITA margin at 6.4% is better but still short of the medium term 9% ambition, so a large part of the margin journey is unfinished. Inventory has increased as the company buys ahead to protect deliveries, which helps service levels but also raises risk if order patterns from large customers change. The small Simpro stake and slower M&A approach limit immediate integration risk, yet they also show that acquisitive growth is not doing much heavy lifting for earnings today.
With margins still short of targets and inventory moving higher, the key question is whether Inission’s balance sheet comfortably supports this plan. Check the full liquidity, debt and cash runway picture in our financial health analysis of Inission stock.Stay Ahead With Inission And Simply Wall St
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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