Q2 results
Coor continued the positive trend and delivered better earnings than expected in Q2 while improving the cash conversion q-o-q as well. Sales were SEK 3,199m (3% vs ABGSC, 3% vs cons), 1% y-o-y whereof 3% organic. The organic growth was driven by strong performance in Norway which saw unusually high variable volumes (23% organic growth y-o-y). Adj. EBITA was SEK 165m (18% vs ABGSC, 7% vs cons), 2% y-o-y, also driven by Norway (37% y-o-y, 37% vs ABGSC, 48% vs cons). EBITA in Sweden and Denmark were slightly below expectations (-2% and -7%, respectively). The gearing increased slightly q-o-q to 2.9x (2.8x) driven by the seasonally weak cash flow in Q2. Cash conversion was -5% (-42% Q2'24) but improved significantly y-o-y leading to 40% LTM, up from 29% in Q1'25.
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