Positive momentum continued
Ovzon's trend of gradually improving sales and margins continued in Q3, driven by recent order momentum. Q3 sales of SEK 95m represented organic growth of +34% y-o-y (+23% above our forecast), driven mainly by strong terminal sales (SEK 29m in the quarter). Combined with good cost control, Ovzon delivered its first positive EBITDA since Q1'20: SEK 12m (vs. ABGSCe SEK 4m). As the Ovzon-3 project was commercialised in July, Ovzon has now started to depreciate the asset, with D&A of SEK 35m in Q3 (vs. SEK 7m in Q3'23), consequently impacting EBIT. FCF remained negative, at SEK -41m, driving NIBD (excluding leasing) to SEK 632m, but the recent follow-up order with SSC should drive positive FCF in Q4e, as payments from this contract will be received in 2024.
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