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Siili Q1: Inline report with organic growth at 9% - SEB

Siili's Q1 sales and EBITA came in marginally above our estimates. As expected the organic growth slowed down a bit from the strong 2022 to 9% in Q1. With guidance intact and employee headcount well aligned with our Q2 assumption, our first read is that the estimate revisions will be muted. All in all, a good report at first glance given the increased macro uncertainty.

Siili's Q1 sales and EBITA came in marginally above our estimates. As expected the organic growth slowed down a bit from the strong 2022 to 9% in Q1. With guidance intact and employee headcount well aligned with our Q2 assumption, our first read is that the estimate revisions will be muted. All in all, a good report at first glance given the increased macro uncertainty.
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