Cavotec continued to show a gradual improvement during Q2. Although the order backlog declined 6% q-o-q due to hesitant customer activity, sales grew 45% y-o-y organically (ABGSCe 44%), with the main growth driver being Ports & Maritime ('P&M', 66% org.). The main positive was the sequential margin increase, as EBIT reached 2.6% (ABGSCe 1.9%, 0.8% in Q1). Thus, given the timing of deliveries and fading effects from low-margin orders, we expect sequential growth in sales (EUR 49-54m) to yield margins of 3.8-8.0% in Q3-Q4, and 4.0% for FY'23. FCF remained subdued, but both inventories and receivables declined q-o-q, and we expect working capital effects to turn positive in Q3, which combined with higher earnings should yield a YE'23e ND/EBITDA of 1.3x.
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