Q4 outcome
Sales were SEK 432m (+5% vs. ABGSCe 409m), up 8% y-o-y (+3% organic growth vs. ABGSCe -1%). Adj. EBITA was SEK 26.6m (+1% vs. ABGSCe 26.4m), for a margin of 6.2% (ABGSCe 6.5%), and there were positive NRIs of SEK +12.7m (ABGSCe 0) from earn-out reversals and FX revaluations of earn-outs. Cash flow was strong, with lease adj. FCF/adj. EBITA of ~140%, which was helped by a signifcant NWC release. At the segment-level, UK was strong, particularly in the data centre vertical, yet it was also boosted by a larger order, while the fibre-dependant Danish segment remains very weak.