Q4: EBITA +16% y-o-y driven by gross margin improvements
We forecast -1% organic growth for the Group y-o-y in Q4. On the one hand, we expect soft Nordic markets and a tough comp to lead to organic declines of 8% and 15% for Boråstapeter and Wall & Decò, respectively. On the other, we expect Artscape's easy comp and the strong momentum in External Manufacturing to lead to organic growth of 10% and 40% for these respective segments. We expect customer-driven gross margin improvements from Q2 to be persistent, as we see few signs of large shifts in consumer behaviour, i.e. we expect positive mix effects by both channel and product to remain, which is the main driver of our forecast 2pp margin improvement (to 14.3%) for adj. EBITA of SEK 27m in the quarter.
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