In Q2, we expect easy growth comps to result in a sequential acceleration over Q1. Artscape's 57% organic growth in Q1 is not likely to be repeated, as our understanding is that the growth spurt was largely driven by an assortment relaunch; on the other hand, we expect Boråstapeter to accelerate by a significant 15pp for organic growth of 5% in Q2. On the group level, we forecast net sales of SEK 185m for organic growth of 8%. The strong Q2'23 gross margin was driven by high capacity utilisation in the factory ahead of a Borosan launch in H2'23. We see no such phasing in 2024 for a 2pp lower gross margin y-o-y in Q2e. We extrapolate the Q1 SG&A savings into Q2e, for EBITA of SEK 18m (+16% y-o-y).
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