Q1 details
Lower sales and earnings vs. consensus. Sales came in at SEK 1,223m (-9% vs. ABGSCe, -12% vs. cons), -12% y-o-y of which -18% organically (ABGSCe -12%, cons -11%, -6% Q4'24), driven by little snow in Sweden and Norway. Adj. EBITA decreased -77% y-o-y to SEK 21m (-64% vs. ABGSCe, -60% vs. cons), for a margin of 1.7% (ABGSCe 4.4%, cons 3.8%, 6.7% Q1'24) driven by weak margins in Norway compensated by better than expected margins in Sweden. Q1 is a seasonally weak quarter representing approximately 20% of sales and 10-15% of adj. EBITA. FCF was solid, at SEK 101m (220m in Q4), while gearing was higher q-o-q at 3.2x (2.6x) and 2.5x pro forma (2.5x).
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