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Freemelt: M&A action in the 3D-printing space - ABG

• One order and expected delivery in Q2
• Estimate reductions on low order intake, but volatility expected
• 3D-printing bidding war demonstrates interest in tech's potential

Q2e: Expect an uneventful quarter
We expect Q2 sales of SEK 4.7m (SEK 5.2m), with one previously announced Freemelt ONE order expected to be delivered in the quarter. Furthermore, there is one order scheduled for delivery in Q3. We estimate EBIT of SEK -23m (SEK -14m), the decline mainly due to accelerated goodwill amortisation, corresponding to adj. EBIT of SEK -12m (SEK -12m).

Volatile order intake at a continued low
Due to the continued weakness in order intake, we reduce '23e-'25e sales by 21-8%, but reiterate our view that high volatility in order intake is to be expected. We also reduce adj. EBIT by SEK 7-9m.
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