Nexam delivered a weaker report than expected. Net sales came in at SEK 42m (-25% vs. ABGSCe SEK 56m), down 25% y-o-y. Performance Chemicals contributed with SEK 15m (-31% vs. ABGSCe SEK 22m) and down 31% y-o-y, while Performance Masterbatch sales were SEK 26m (-21% vs. ABGSCe SEK 33m). Adj. EBITDA was SEK -5m EBITDA (vs. ABGSCe SEK 1m), which included NRIs of SEK -3m from CEO-change and inventory write-downs. Reported EBIT was SEK -12m (vs. ABGSCe SEK -2m). We had expected flat y-o-y growth in Performance Chemicals, and the disappointing 31% decline in the segment was driven by low PET-foam sales as customers are in a de-stocking phase. On outlook, Nexam states that Q3 should be better than Q2. OCF was SEK -6.6m and the company now has a cash position of SEK ~20m (SEK 28m in Q1'23), which may cause balance sheet concerns.
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