Alcadon Group's Q1 sales came in as we expected, while 15% organic growth compares to our 13% estimate. Mainly from higher gross margins, EBIT of SEK 15.5m was 14% above our SEK 13.5m forecast. While down 0.8pp y/y to 28.1%, gross margins are a full 1.7pp ahead of our 26.4% estimate. The challenging supply chain and resulting cost inflation will prevail in Q2. CEO Sonny Mirborn reiterated the full delivery start to Deutsche Glasfaser and Emtelle "this summer".