Sales 37% below ABGSC, down 33% y-o-y Lower guidance somewhat outweighed by large ‘23 order Cons ’22 EBITDA down 25-35%, small changes to ‘23 Q2 miss driven by lower sales due to challenging market Napatech delivered Q2 sales of DKK 35.5m, down 33% y-o-y adj. for FX. This was 37% below our estimate of DKK 56m. The gross margin was 70% vs. ABGSC at 70%. Operating costs were DKK 38m, vs. ABGSC at DKK 39m, i.e. largely in line. This resulted in an EBITDAC of DKK -12.9m vs ABGSC at DKK 0m. FCFF was DKK -6.1m vs ABGSC at DKK -8m.
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