Q4'24 report
The Q4 report was in line with expectations on sales, but stronger than expected on EBIT. Sales declined slightly y-o-y (-3.4% org. decline y-o-y, vs. ABGSCe -3.5%) and amounted to SEK 961m (0% vs. ABGSCe). Adj. EBIT came in at SEK 36m (+13% vs. ABGSCe). The adj. gross margin of 29% was a bit better than our estimated ~28%, due to the ongoing SKU rationalisation. Cash flow from operations of SEK 98m (vs. ABGSCe 6m) because the company has tied up less working capital for Q4 than we had anticipated.