Impressive order intake, but excitement held back by costs
Order intake was exceptional, surpassing our estimate by 56%. It was largely driven by the SEK 46m Italy order won in early December (not in our estimates). Even when excluding this large order, it would have been 23% better than ABGSCe. Nevertheless, the 49% organic order growth is showcasing impressive traction in a soft macro environment. Sales was slightly better (+3% vs. ABGSCe), also driven by EMEA. Despite solid gross margins, adj. EBIT missed ABGSCe by 29% as opex continues to increase rapidly. This is mainly a result of personnel expenses that increased by 50% organically y-o-y. The headcount has increased by 21% y-o-y with an incremental annual run-rate cost increase of SEK 4m per added employee based on Q4.
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