Q2 report due Friday, 12 August
Scale-up of organization to weigh on margins in Q2…
…and notable volumes in Germany set to come in H2
Costs running ahead of volumes in Q2 as well
For Q2, we expect sales of SEK 220m, up 24% y-o-y (15% organic, 2% FX and 7% M&A). As in Q1, we expect the organic growth to be driven by the Nordic countries, whereas Germany and Benelux still lag behind. We expect to see some volumes in Germany related to the Deutsche Glasfaser and Emtelle contracts, as management previously has guided for, but not enough to offset a continued build-up in opex (mainly relating to recruitments). Consequently, we forecast a soft adj. EBIT margin in the quarter of 6.0% (9.7%), translating into adj. EBIT of SEK 13.1m. To our understanding, the volumes in Germany should pick up in H2’22, indicating a gradually increasing organic growth and margin for the group in Q3-Q4’22.
LÄS MER
