Review of Savaria Corporation

MAR 12, 2026 - SIS has experienced a long-term demographic tailwind as the vast majority of baby boomers live in private homes, driving demand for reliable, high-quality accessibility and care solutions. In recent years, the company has shifted its focus to supply-chain optimization to gain structural improvements in its cost structure and maintain competitiveness. SIS’s gross margin and operating margins have meaningfully improved because of these initiatives. We think the investment thesis in SIS as a long-term winner in the niche industrial space with a solid track record of consistent and growing dividends remains largely intact. Despite some potential headwinds due to tariff uncertainty, we think the company is executing well. We are maintaining our rating of a “B+”.