Q1/25 adj. EBITA of SEK 6m was fairly in line with our expectations of SEK 7m. As expected, cash flow was burdened by NWC build-up ahead of peak season, and leverage increased to 3.3x (3.0x in Q4/24). Management expects leverage to decrease from current levels. WIth regard to the outlook, management argues that it has seen an increase in activity among customers, although there are no signs of any recovery in order intake as of yet.
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