Q4'24 report
Q4 was softer than expected. B3 generated net sales of SEK 336m (-5% vs. FactSet cons, -5% vs. ABGSCe) and adj. EBITA SEK ~15m (-33% vs. cons, -33% vs. ABGSCe). We note that the organic decline was approx. -12% y-o-y, and that figure is a bit lower than the expected -5%. This report confirms that conditions continue to be tough. However, both Swedish and Norwegian peers (Knowit & Bouvet) have also suffered, and missed the respective consensus estimates, as cyclical and industry-wide headwinds continue.