Q2e: FX headwinds, but continued strong margins
We expect Nolato to report Q2 net sales of SEK 2,345m, a y-o-y decline of 4%, of which +2% is organic and -6% from FX, driven mainly by the weaker USD. Following its CMD on 13 March, when Nolato raised its EBITA margin target from 10% to 12%, the company delivered an impressive 90bp sequential margin increase already in the Q1 report. Moreover, the company's comments in conjunction with the Q1 numbers gave us the impression that the improvements were structural in nature rather than temporary, so we expect slight further sequential improvements into Q2 as well. We model a Q2e EBITA of SEK 264m, for an EBITA margin of 11.2% (11.0% in Q1'25, 10.0% in Q2'24).
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