Limited estimate revisions We expect more solid growth from its own brands Trading at '25e EV/EBITA of ~10x Adj. EBIT slightly lower than expected on one-off cost Q1 was in line with our estimates for sales, but slightly below for EBIT. The EBIT miss...

Sales -1% and adj. EBIT -18% vs. ABGSCe Operating cash flow significantly better than expected Likely slightly negative consensus estimate revisions Q1'25 report The Q1 report was in line with expectations on sales, but a bit lower than expected on EBIT...

Minor estimate changes Q1e: 2% organic growth and margin improvements Trading at NTM EV/EBITA of ~8x What to expect in Q1'25e We anticipate 2% y-o-y organic growth in Q1'25, implying sales of SEK 942m and EBIT of SEK 45m, for a margin of 4.8%. The organic...