Q3'23 outcome
Q3 sales came in at SEK 1,811m (in line with ABGSCe 1,817m), gross margin at 29.2% (-0.8pp vs. ABGSCe 30.0%) and adj. EBITA at SEK 158m (+2% vs. ABGSCe 155m). Reported organic growth was +12% (vs. ABGSCe +13%), suggesting that the organic growth rate is moderating as the pricing component diminishes slightly. M&A-related growth was +19% and FX contribution was +3%, respectively. Operating cash flow (with interest expenses subtracted and NRIs added back) was SEK 122m, which is better than we expected.