Q1 expectations
We expect Cavotec to deliver Q1 sales of EUR 45m, +4% y-o-y and -2% q-o-q. Q4'24 order intake was exceptionally strong for Cavotec, due to several large orders (+52% y-o-y including announced orders, +8% y-o-y excluding). However, we do not fully extrapolate this to Q1e, as order intake tends to fluctuate between quarters and no orders were announced during the quarter. Furthermore, we still expect order intake to grow: we estimate EUR 43m, +7% y-o-y. The company continues to work on its change programme with enhanced cost control, which we expect will yield higher margins y-o-y. For EBIT, we forecast EUR 3.1m for a margin of 6.9% (4.5% in Q1'24).