Q2 saw a sequential deceleration in Nordics and RoW. Nordics declined by 19% and RoW by 11%, which despite a smaller 1% decline in Europe led to an 11% lower top-line for the group y-o-y for net sales of SEK 170m. Gross margins were at an all-time-high 61.4%, +4.2 pp sequentially, driven by a higher share of premium sales and price increases primarily. Lower operational leverage hurt operational margins to some degree, however, with adj. EBITA of SEK 18m (-13% vs ABGSCe) corresponding to -25% y-o-y growth and an ~11% margin. Notably, Embellence is still producing double-digit margins despite the materially lower net sales. Imminent product launches drove inventories higher by SEK 16m sequentially for FCF of SEK 10m.
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