Q1 expectations
For Q1, we estimate sales of SEK 52m, up 37% y-o-y (+33% organic, +4% FX). Although Q4'24 was a strong quarter for I-Tech, we do not fully extrapolate this to Q1, as we believe it most likely included inventory build-up by customers. We estimate EBIT adj. of SEK 17m (SEK 10.4m in Q1'24) for a margin of 33% (27%). We estimate one-off costs related to the EU process at SEK 1.8m, roughly in line with previous quarters. This implies adj. EPS of SEK 1.36 (0.87) and FCF lease adj. of SEK 19m (SEK 14.5m).