Q1 expectations
For Q1, we expect sales to be down 10% y-o-y, as EE production continues to suffer from the previously discussed production programme shutdown in H2, and a weaker automotive market. Comps will start easing in Q3, at which point we expect growth from the ramping FAW and MAN programmes to overtake this headwind. Due to the strong rally in the SEK at the end of the quarter, we expect hedge revaluations to impact the adj. EBIT margin positively by 10pp, leading us to forecast a strong margin of 43% (23%).
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