Q1: strong growth, but hedge revaluations hit EBIT
In Q1, EEs produced were 3.9m, up 18% y-o-y, and sampling cups sold were 44.6k, up 36% y-o-y. This resulted in sales of SEK 32.3m, up 22% y-o-y, of which 1.2m was from equipment installations. EBIT was SEK 7.4m (6.5m), for a margin of 23% (25%), lower than we had expected due to hedge contract revaluations of SEK -4.6m in the quarter. Adjusting for FX effects on EBIT gives a margin of ~33%, closer to the 34% we expected. Overall, we consider this a solid quarter with strong growth, despite missing our high expectations slightly. The company also had strong lease adj. FCF of SEK 15m (6m).
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