”Key take-aways: Taking the volatile market conditions into account, we believe Danfoss delivered a solid H1 25 despite organic revenue growth of -3% y/y and a 2% y/y decline in EBITDA before special items. We note that Danfoss has seen improved growth momentum through the first half of 2025 and that the guidance for 2025 is maintained. We see adjusted net debt to EBITDA before special items at 2.1x in H1 25 which is commensurate with the BBB/S and Baa1/S ratings from S&P and Moody’s respectively. For the Baa1/S rating Moody’s requires adjusted debt to EBITDA below 2.5x. Danfoss targets a capital structure that is compatible with a BBB credit rating over the cycle.”
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