Net sales and EBIT were below consensus (LSEG) in Q1. All segments reported a negative y/y revenue growth in Q1. Net sales declined due to weak demand and inventory destocking effect but demand declined even in energy saving solutions. On a group level, reported revenue growth was -12% y/y but -9% by excluding spot market purchases. However, full-year guidance was intact and Scanfil expects an improvement in H2 2024. Net cash flow from operations was EUR 9.7m in Q1. We forecast market consensus EBIT for full-year 2024 to be downgraded by EUR 2-3m (3.2-4.9%) after Q1 earnings release.
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