Positive momentum continues
Nilörngruppen continues to beat estimates on order bookings, sales and EBIT. With an organic growth rate of +10% in Q1, Nilörn continues to surprise positively and proves that the underlying demand among its clients is improving. The gross margin of 43% was slightly better than we expected (42%), despite a higher share of packaging sales, which are typically gross margin-dilutive. The company guided for a rebound in the outdoor segment in Q3, suggesting that visibility is starting to materially improve in the segment, which was one of the most negatively impacted following the post-pandemic slump.