Alcadon delivered Q2/25 adj. EBITA of SEK 22m, fairly in-line with our expectations of SEK 23m. The outcome implies -1% change to our 2025E adj. EBITA estimate, mechanically. Management does not expect any tailwinds from the market in the short-term. Focus is on strengthening profitability (P/WC) and cash flows ahead. For those companies that are at a satisfying profitability level, both add-on acquisitions and organic expansion into new niches is of interest.
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