Adj. EBITDA 35% above, but boosted by one-offs in Senior Soft watch sales, but volumes will shift to Q2 Progressing well: Doro SIM and Youth phones launching in Q2/Q3
ANNONS
Adj. EBITDA NOK 28.5m, 35% above ABGSCe
Total revenue was NOK 339m in line with ABGSCe of NOK 341m. This corresponds to a growth of 185% y-o-y, driven by the acquisition of Doro, as Kids & Youth revenue was up 1% y-o-y. The gross margin was 56.3% vs. ABGSCe of 51.7%, driving gross profit of NOK 191m, 8% above ABGSCe of NOK 176m. The increase in gross margin partly comes from a one-off provision release in Doro (i.e., should not be extrapolated), but also strong mix in Kids & Youth with a gross margin of 65% vs. 58% in Q1'24. . Opex (adj. for NOK 10.9m Doro transactions one-offs) was NOK 162m, 4% higher than ABGSCe of NOK 155m. Adj. EBITDA was NOK 28.5m, 35% above ABGSCe of NOK 21.1m, driven by the higher gross margin. This corresponds to an adj. EBITDA margin of 8.4%. Adj. EBITA (bef PPA amortisation) was NOK 8.9m, 4.7m above ABGSCe of NOK 4.7m. Reported EBIT was NOK -6.6m.
