Careium reported 6% y/y sales growth in Q1, leading to sales in line with SEBe. EBIT declined 25% y/y, with the margin falling to 5.7% -2ppt y/y (SEB at 4.9%), leading to EBIT 16% above SEB expectations. FCF after lease of SEK -18m was lower than our est. of SEK -1.8m. We expect sequential improved cash flow towards H2 2026. The growth in Q1 was driven mainly by Nordics while UK was weak. Our first take is for consensus 2026 EBIT to increase by flat to low-single-digits.
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