Q1 sales 3% below our ests. at SEK 207m, for -2.3% org. growth EBIT SEK 17m vs. ABGSCe 10m Trading at 8x '25e EV/EBITA
ANNONS
Q1: Slight sales miss, but significant earnings beat
Careium delivered sales of SEK 207m (-3% vs ABGSCe 214m), corresponding to y-o-y organic growth ex. FX of -2% (-2pp vs ABGSCe 0%). Segment wise, service sales was SEK 160m (1% vs ABGSCe 159m), and product sales was SEK 47m (-15% vs ABGSCe 55m). Only SEK 3m of hardware deliveries were classified as financial leases, and therefore booked as sales (vs. SEK 19m Q1'24), which had a negative impact of SEK 16m on Q1 product sales. The gross margin increased to 44.5% (2.5pp vs ABGSCe 42%), 0.1pp q-o-q and 1.6pp y-o-y). The GM was positively affected by a one-time revenue recognition effect in the UK. Opex came in at SEK -76m (6% vs ABGSCe -80m), on lower than expected admin costs. EBIT amounted to SEK 17m (75% vs ABGSCe 10m), for a margin of 8% (ABGSCe 4%, 9.1% in Q1'24). Sales were negatively impacted by the challenging market in the Nordics (-13% y-o-y), partially offset by positive development in the remaining regions, with a notable growth of 6% y-o-y in the UK & Ireland and 15% y-o-y in the Netherlands.
