Q2'25 report
Q2 was a bit softer than expected with respect to both sales and profitability. B3 generated net sales of SEK ~316m (-9% vs. FactSet cons, -8% vs. ABGSCe) and adj. EBITA SEK ~15m (-41% vs. cons, -34% vs. ABGSCe). We note that the organic sales decline was approx. 11% y-o-y, and that figure is a bit softer than the expected +4% growth by consensus (ABGSCe -4%). The sales miss was due to both a more pronounced organic decline and a lower M&A contribution. Surprisingly, B3 Poland performed a bit weaker than we had anticipated due to a loss of two larger contracts, and that explains the miss in the M&A contribution.
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