Tough comps in Q1, but 2025e back to growth
Demand for Proact's products and services remains good, while quarterly volatility remains in line with historical trends. The main drivers are digitalisation, cybersecurity and AI, fuelled by increasingly complex IT environments for all kinds of organisations. The profit warning in Q4 (released 16 Dec) was a result of temporarily lower system deliveries in the quarter, while today's full report showed that the numbers exceeded the guided ranges. This was due to: 1) some more deals in the end of the quarter, 2) lower-than-anticipated costs and 3) higher-than-estimated vendor rebates for the full year, all of which dampened the decline. Proact highlights a tough comp in Q1 (we expect -2% organic growth and adj. EBITA -22% y-o-y) while the full year should see a return to organic growth (we expect 5%). Q4 cloud orders of SEK 224m (+14% y-o-y) was the strongest quarterly cloud order intake ever for Proact, which is a positive sign and bodes well for cloud revenues in 2025e.
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