Q2 in brief: report in line, good gross margin
Embellence Group's Q2 report is in line overall. Net sales of SEK 193m was +2% vs ABGSCe, in line with Factset cons, corresponding to 1% y-o-y growth (+4% org.). Growth was driven by the Boråstapeter and Artscape segments, which grew 8% and 10% respectively, despite -9pp impact from FX in the latter segment (ABGSCe). The External manufacturing segment, which has grown rapidly in the past 7 quarters (by 107% y-o-y in Q2'24), seems to have stabilised around a new higher level with growth of 8%. Gross margins were 62.2%, +2pp y-o-y. To drive growth, the opex ratio (including tangible depreciation) was also 160bp higher y-o-y, for an EBITA margin expansion of 40bp and EBITA of SEK 26m (+4% y-o-y). The 1% beat vs consensus estimates can be explained by the stronger gross margin.
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