Q2 adjusted EBITDA including discontinued operations was SEK 70m, up from SEK 49m in Q2 2019 and SEK 50m in Q1 2020. It was well above our forecast of SEK 40m. The adjusted EBITDA margin of 8.4% jumped from 5.4% in Q2 2019 and 5.8% in Q1 2020.
Adjusted EBIT unchanged in 2020E, but cut 36% in 2021E and 32% in 2022E
Although our adjusted EBIT forecast for 2020 is unchanged, we have cut our forecasts by 36% for 2021 and 32% for 2022 to reflect the planned divestment. Q3 2020E reported EBIT includes a SEK 100m capital gain.