Q1 results
Sales came in at SEK 0.82m (-83% vs. ABGSCe 4.9m, -81% vs. cons. 4.2m), -16% y-o-y. This was due to no deliveries being made in the quarter, compared to the one Freemelt ONE delivery we expected. EBIT was SEK -23m (+13% vs. ABGSCe -21m, +153% vs. cons. -9.3m). EBIT adj. was SEK -12m (+31% vs. ABGSCe -8.8m, +25% vs. cons. -9.3m). When keeping the lower than expected sales in mind, this means the company controlled opex slightly better than we expected. EPS adj. came in at SEK -0.24 (+35% vs. ABGSCe -0.18), -20% y-o-y. FCF lease adj. was SEK -17m (-25% vs. ABGSCe -22m), with the improvement supported by somewhat lower capex than expected.