We expect OrganoClick to report Q2 sales of SEK 43.3m, up 12% y-o-y, with growth driven by non-woven sales. The Duni contract should continue running at full speed, supported by Duni's Q2 comment that "Bio Dunisoft continues to perform particularly well", while several other contracts (Ahlstrom-Munksjö, Glatfelter, and Sharpcell) are ramping up. Functional Wood (FW), however, is highly reliant on newbuild activity, and as such we expect sales to come down notably (-25% y-o-y). For Green Coatings & Maintenance, we estimate that sales growth will now turn positive y-o-y, as comps get easier and newly signed OrganoTex deals contribute to sales. The mix effect with higher non-woven sales and lower FW sales should support gross margin expansion; we estimate 32% (18%), and this results in our estimated EBIT of SEK -2m (-7m).
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