What to look for in Q1'25e
In Q1'25e, we expect positive organic growth of 5%, which implies sales of SEK 244m and adj. EBIT of ~SEK 25m, corresponding to a margin of 10.2%. Our updated Q1 estimates therefore imply negative estimate revisions of -7% for Q1 sales and -22% for Q1 EBIT due to FX changes and slightly lower organic growth. We expect Nilörn's order intake to be ~SEK 240m, up 3% y-o-y. For reference, an order intake of SEK 240m is within the historical range.