In Q2e we expect sales of SEK 559m (347m), with Inission growing 22% organically and Enedo contributing SEK 130m. For EBITA we estimate SEK 33m (17m), i.e. a margin of 6.0% (4.9%), down sequentially from 7.9% due to USD headwinds, investments in new personnel dampening efficiency, and extremely tough q-o-q comps. We expect this will result in net income of SEK 20m (9m), i.e. a margin of 3.6% (2.5%). For lease adj. FCF we estimate SEK 27m (-52m), reiterating our belief that a NWC release is more likely to occur in H2'23e. During the quarter the company carried out a directed share issue of SEK 92m at a share price of SEK 57, with the stated aim of financing further growth. Including the SEK 119m tax deferral, we expect this will put the company's Q2'23 lease adj. ND/EBITDA at 1.6x.
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