Circular Energy showed solid growth but EBITDA stills lags
Ecoclime delivered a stronger than expected Q1 report, with net sales of SEK 75.2m. Circular Energy had sales of SEK 37.3m, well above our forecast of SEK 20.1m. This led to a gross margin of 49%, which was in line with our expectations, but weaker EBITDA of SEK -2.9m. The company was burdened by high material costs for Evertherm systems and installation contracts with low utilisation in addition to higher costs than planned. Moreover, the company has lowered it opex q-o-q but not as much as we had expected, which resulted in EBIT of SEK -8.1m (ABGSCe -5.1m).
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