Delivery on both sales and gross margin above expectations EBIT revised up by 11-22% for '25e-'27e Fair value range unchanged at SEK 9-15
ANNONS
Strong start with growth and cost control
OssDsign delivered a strong Q1 report with a 45% beat on adj. EBIT vs. ABGSCe, driven by better-than-expected sales and gross margin alongside good cost control. Q1 sales were SEK 44.5m (+3% vs. ABGSCe SEK 43.0m), which is up 65% vs. Q1'24, corresponding to 60% organic growth. The gross margin improved by 270bp to 96.4% (vs. ABGSCe at 95.0%) and OssDsign continues to show signs of improved operating leverage, with sales commission and fees coming in below expectations at 49.3% of sales (vs. ABGSCe at 52.0%). Cash flow from operating activities was below expectations at SEK -25.8m in Q1 (vs. ABGSCe at SEK -7.4m), but still slightly improved compared to Q1'24 at SEK -28.2m, of which SEK -17.6m related to payments concerning year-end bonuses from last year and the long-term incentive programme. At the end of the quarter, OssDsign had cash and cash equivalents of SEK 77.5m.
