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DistIT - Q1: Write-downs hit gross margins - ABG

Sales SEK 613m +1% vs. ABGSCe 606m
Adj. EBITDA SEK -17.4m vs. ABGSCe 2.6m
Expect cons. est. to come down


Q1'23 results

Q1'23 sales came in at SEK 613m, flat y-o-y, and in line with ABGSCe. Adj. EBITDA came in at SEK -17.4m, down ~34m y-o-y. Gross margin for Q1 came in at 17.2%, which is 2.2pp lower than we anticipated, due to write-downs of inventories. On a segment basis, the two segments that performed better than we expected with respect to sales were Aurdel (+2% vs. ABGSCe) and Septon (+22% vs. ABGSCe). However, Sominis reported sales 11% below our expectations and EFUEL reported sales that were 19% below our expectations.
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