Q1 results
Nexam reported lower than expected sales of SEK 49m (-7% vs. ABGSCe 53m), -7% y-o-y. Performance Masterbatch sales increased by 5% y-o-y, while Performance Chemicals sales continued to decline for the third consecutive quarter due to lower deliveries of lightweight additives. EBIT adj. was SEK -2.8m (vs. ABGSCe -0.1m), for a margin of -6%. However, costs remain under control and the gross margin reached a record high of 48% (45%), and the EBIT miss is thus due to the lower sales volumes. The company generated FCF lease adj. of SEK -0.55m (vs. ABGSCe 8.7m) and ended the quarter with a cash balance of SEK 1.1m (9.9m).
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