Q1 results
Q4 sales of SEK 4,567m (-1% vs. ABGSCe 4,627m), up 16% y-o-y. Gross profit was SEK 174m (+2% vs. ABGSCe SEK 171m), +20% y-o-y, while EBIT was SEK 54m (+2% vs. ABGSCe 53m), +14% y-o-y. The gross margin of 3.81% improved from 3.69% in Q4, likely driven by a favourable sales mix. Ework notes that hourly prices grew ~5% y-o-y, which we believe serves as a good proxy for the entire Nordic market in Q1.
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