Q1 takeaways: RoW was the strongest performing region
Embellence delivered a strong start to the year. Organic growth picked up further (8% org. growth y-o-y) on a tougher comp than in Q4 (+6% org.), driven by strong momentum in the Rest of World segment especially, which grew by 42% y-o-y. A majority of this growth can be attributed to Artscape's relaunch with a key customer, however both Wall&Deco and Boråstapeter also enjoyed strong momentum in the US. Gross margins were strong, +110bp y-o-y, despite the higher share of Artscape sales, typically sold with a lower gross margin, and Embellence Group scaled well on opex for a 1pp opex ratio improvement vs last year. The resulting EBITA of SEK 34m beat cons. expectations by 24%, and is 24% higher than last year.
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