Q3'24 report
The Q3 report was in line with expectations on both sales and EBIT. Sales was flat y-o-y (+3% org. growth y-o-y, vs. ABGSCe ~2%) and amounted to SEK 919m (+1% vs. ABGSCe). Adj. EBIT came in at SEK 32m (+2% vs. ABGSCe). The adj. gross margin of 28% was a bit better than our estimated ~27%, likely due to better SKU management. Cash flow from operations of SEK 42m (vs. ABGSCe -47m) because the company has tied up less working capital for Q4 than we had anticipated.