Takeaways from the report
The Q1 report was in line on organic growth (11% vs. FactSet cons. at 10%), but beat once again on gross margin (30.8% vs. cons. 30.2%). When adjusting EBITA for the new capitalisation policy, Humble also came in line with consensus rather than missing mechanically by 13% vs. consensus. The operating cash flow of ~SEK 30m was somewhat better than we had expected, driven primarily by less tied up working capital.