Q1 outcome
Sales were SEK 911m (-6% vs. ABGSCe 971m), with organic growth of -10% (ABGSCe -4%), of which vol/price split was -20%/+9% (ABGSCe -9%/+5%). Reported EBIT was -11.5m, but this included NRIs of SEK -14.2m due to capital losses following disposal of two entities. As such, adjusted EBIT was 2.7m (ABGSCe 5.9m), for a margin of 0.3% (ABGSCe 0.6%). Q1 is a seasonally weak quarter for NWG (usually ~5% of FY EBIT), but this Q1 was especially soft due to volatile weather and continued struggles in the prefab business.