Q2'25 outcome
The Q2 report was above consensus' expectations. Sales SEK 1,983m (4% vs ABG 1,914m and 5% vs cons 1,884m), corresponding to y-o-y organic growth of 12% (5pp vs ABG 7% and 7pp vs cons 5%). Gross profit came in at SEK 629m (6% vs ABG 591m and 7% vs cons 590m). Humble's gross margin was roughly in line with expectations at 31.7% (-0.6pp q-o-q and flat y-o-y), partly due to a negative mix effect related to the late Easter sales of pick and mix confectionery. Adj. EBITA amounted to SEK 144m (+18% vs ABG 122m and +13% vs cons 128m), for a margin of 7.3% (+0.9pp vs ABG 6.4% and +0.5pp vs cons 6.8%), up 0.4pp from 7.7% Q2'24. While capacity-increasing investments weighed on opex, the solid growth and stable GM, coupled with IAC's of SEK 24m, led to a stronger-than-expected adj. EBITA.
LÄS MER
