Q1 sales and adj. EBIT, respectively, came in above our and consensus forecasts. Balco is announcing another cost programme targeting annualised savings of SEK 15m. The company corroborates that customer order decisions are being delayed reflecting uncertainty with regards to project financing costs and its outlook statement is for this situation to prevail "under the coming quarters too", as expected by us. The underlying EBIT deviation equals a tentative 2023 upgrade of 2%.
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