The report came in below our sales and earnings expectations, primarily due to the termination of distribution contracts carrying a large impact. Therefore, sales declined by 7% y-o-y (of which -11% org. decline y-oy) to SEK 893m, -8% vs. ABGSCe SEK 973m. Adj. EBITDA came in at SEK 39m (-44% vs. ABGSCe 70m). The adj. gross margin of 26.4% was in line with our estimated 26.5% as the seasonal price increases were fully phased in during the quarter. As a consequence of the termination of distribution contracts, the cash flow from operations of SEK 17m (vs. ABGSCe 68m) was weaker than expected.
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