What to expect in Q3'24
We expect sales of SEK 1,941m for Q3'24, implying 9% organic y-o-y growth in addition to a 1.4% FX headwind. We anticipate a gross margin of just ~31% given the company's history of being able to maintain ~30% despite cost inflation and elevated freight costs. Our updated EBITA estimate is SEK 150m, which corresponds to an EBITA margin of 7.7%. We anticipate some working capital tie-up in Q3, but expect a larger release in Q4.