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SENASTE
Both external and internal headwinds weighted on Seafire’s Q1, causing sales to fall 17% organically. However, adj. EBITA of SEK 6m was slightly better than our expectation. We think Q1/24 marked Seafire’s earnings trough and that the two coming quarters are supported by better seasonality. We expect Seafire to focus during 2024 on adjusting its cost base to lower volumes while continuing to improve its cash flow to reduce leverage.
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