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SENASTE
Fixed costs were up 2% yoy, a disappointment as cost savings were not enough to offset the underlying cost inflation. We and consensus had expected the EUR10m cost savings program to deliver lower costs yoy. Q4 sales down 3%, which was a positive achievement in electronics markets that declined 5% yoy in Q4. Adj. EBIT at EUR 1.6m vs. SEBe 2.1m (-23%) and Cons 2.6m (-30%), and EUR 0.8m (+124%) in Q422. Guides for no sales growth and improving EBIT in 2024.
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