Denmark drove EBITA beat in Q1
Coor delivered solid Q1 numbers with sales in line with ABGSCe and FactSet consensus while the adj. EBITA was a bit higher than expected (SEK 160m, +7% vs. ABGSCe, +2% vs. consensus), mainly driven by Denmark where adj. EBITA increased 16% y-o-y, although positively impacted by retroactive volume adjustments, while Norway was weaker (-14% y-o-y), in part because of higher cost in the offshore operations due to poor weather conditions. All in all, the adj. EBITA grew 5% y-o-y while organic growth was 2%. Note, however, that the growth is still negatively impacted by the Ericsson contract (~5% sales loss), which will impact growth for two more quarters. From H2'24, we expect the recent inflow of new contracts to lead to accelerating growth again.
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