Q2 details
Sales were 2% above our expectations, with 7% organic sales growth (ABGSCe +4%), which in turn was driven by better than expected aftermarket sales (-14% y-o-y vs. ABG -19%), as system sales did not grow as much as we had expected (although still up 41% y-o-y vs. ABG +51%). Deliveries to VIP/private jets also picked up clearly (~10m Q2 vs. ~1m Q1). AM share of sales was 71% (ABG 68%). EBIT declined 43% y-o-y (ABG -22% y-o-y), as the margin came in at 23% (ABG 32%, 38% Q2'24) due to negative effects from currency headwinds and a one-time SEK 2m cost for system tests. Free cash flow of ~2m (~15m last year) was negatively affected by lower profits and working capital build-up.
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