Key takes from the Q2’21 report
Midsona’s Q2 report was on the softer side. Sales came in at SEK 903m, 7% below our expectations at SEK 973 and 8% below consensus expectations at SEK 982. The back-end loaded seasonality of System Frugt is becoming very apparent, and the company has started to build up inventory for the company’s high-season, September-December. Furthermore, the company has seen some difficulties with one of its customers in the North Europe region concerning timing overlaps on a product line delivery change. On profitability, the gross margin held up well despite the addition of System Frugt, which has a lower gross margin and expanded to 28.3% (Q2’20: 27.9%) due to mix, pricing and FX. Q2 Adj. EBITDA came in at SEK 78m, 22% below our expectations on the back of scale, higher marketing costs and non-NRI integration costs than we expected.
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