Q4 results
Sales came in at SEK 554m (-3% vs. ABGSC 574m), -6% y-o-y (-6% organic, +2% adjusted for elevated material sales in comps). EBITA was 31m (-6% vs. ABGSC 33m), and adj. EBITA was 31m (-6% vs. ABGSC 33m) for a margin of +6% (ABGSC +6%). Adj. net income was 14m (-24% vs. ABGSC 18m) for a margin of +2% (ABGSC +3%). The company produced lease adj. FCF of 17m, +168% y-o-y. Inission outperformed while Enedo underperformed vs. our estimates.