Softer demand and contract closures to affect Q1 sales
We expect Elanders to report Q1 net sales of SEK 3,238m, -10% y-o-y (-5% organic, +0% FX, -5% M&A). The key reasons for lower sales include widespread, softer demand in Supply Chain Solutions (SCS) and the closure of low-profitability contracts, which continue to have a y-o-y effect. However, we note that the closure of these contracts is having a positive margin effect, while the Bishopsgate and Kammac acquisitions compensate. For SCS, we estimate an adj. EBITA margin improvement to 7.3% (6.9%), driven by the acquisitions and efficiency improvements. The overcapacity in certain areas continues to cost, but we expect Elanders to gradually fill this. For Print & Packaging Solutions, we estimate continued solid performance, with 1% organic growth and an adj. EBITA margin of 5.1% (3.7%). In total, we expect adj. EBITA of SEK 214m, for a margin of 6.6% (6.0%).
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