Q2 showed sales increasing 4% y/y, but down 15% in comparable units, leading to a miss of 16% vs. SEB expectations. While Americas sales showed a return to growth, as comps are now easier, APAC showed a sharp decline. EBIT was SEK -9m (SEB: SEK -7m) while strong cash collection supported FCF of SEK -2m. Our first take is for 2025 sales estimate to come down by double-digits. We see Q2 as a step backward and believe a return to growth is needed to sustain positive cash flow.
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