Q4 results
Sales declined by 23% y-o-y, coming in 10% below our estimate. The y-o-y decline was driven by NW&FT (-25%) and FW (-39%), but growth also came in lower than we expected in GC&MP (+4%), albeit vs. tough comps. All in all, the three segments extended the respective contraction and growth trends seen throughout '24. Despite the sharp y-o-y sales decline, adj. EBIT held up better, coming in at SEK -6.9m (-6.1m), only 2% below our estimate, thanks to significantly better opex control. The gross margin of 12.7% (18.4%) was negatively affected by the declining volume, but also by a correction of inventory obsolescence of an unspecified magnitude, meaning this weakness should likely not be fully extrapolated. Lease adj. FCF at SEK 0.6m was a bit better than expected thanks to a NWC release, and the company ended the quarter with total liquidity of SEK 6.2m, compared to a R12m lease adj. FCF of SEK -14m.
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