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Systemair Q1 2024/25: Solid gross margins - Redeye

Redeye concludes that Systemair’s Q1 numbers are quite in-line with what we anticipated. Organic growth was flat Y/Y, partly due to tough comps and a slower market in the Nordics and parts of Europe. Gross margins nudged up to 36% which is encouraging. Opex were on the other hand higher than we expected, hence EBIT of SEK305m a little below our forecast. Systemair’s outlook is unchanged and overall, quite optimistic. Redeye will only make minor changes to our forecasts.

Redeye concludes that Systemair’s Q1 numbers are quite in-line with what we anticipated. Organic growth was flat Y/Y, partly due to tough comps and a slower market in the Nordics and parts of Europe. Gross margins nudged up to 36% which is encouraging. Opex were on the other hand higher than we expected, hence EBIT of SEK305m a little below our forecast. Systemair’s outlook is unchanged and overall, quite optimistic. Redeye will only make minor changes to our forecasts.
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