Harsh weather and lower volumes hurt Q1
Nordic Waterproofing (NWG) reported an adj. EBIT of SEK 2.7m (ABGSCe SEK 5.9m), with NRIs of SEK -14.2m from capital losses tied to the termination of two entities. The poor earnings were driven by harsh weather conditions and continued struggles in the prefabricated elements business, which has ~90% newbuild exposure compared to NWG's group-level split of 50/50 between newbuilds and renovations. Of the -10% organic growth (ABGSCe was -4%), there was a negative volume component of 20%, but we note comps will gradually get easier during the year, and as such management reiterated its prior prediction of roughly -10% volume growth y-o-y in 2023.
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