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Ecoclime Q1'23 initial thoughts - ABG

EBITDA SEK -2.9m vs. ABGSCe -1.3m
Circular Energy sales at SEK 37.1m (vs. ABGSCe 20.1m)
OCF at SEK 4.8m


Q1 results

Net sales came in at SEK 75.2m (6% vs. ABGSCe SEK 70.7m), up 38% y-o-y, of which 31.8% organic (ABGSCe 16.1%). The gross margin was 48.7% (ABGSCe 49%). EBITDA was SEK -2.9m (ABGSCe -1.3m). Circular Energy had sales of SEK 37.3m, up 169% y-o-y, which was above our forecast of ABGSCe SEK 20.1m. Smart Properties had sales of SEK 35.0m (ABGSCe 38.3m). Indoor Climate had sales of SEK 13.1m, slightly above our forecast of SEK 12.3m. All in all, this resulted in an EBIT of SEK -8.1m (vs. ABGSCe -5.1m). OCF was better than last quarter at SEK 4.8m (SEK -11.8m in Q4'22) and the company has a cash position of SEK 71.4m.
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