Q2 yet another miss
As feared, Invisio faced tough comps in Q2 and missed expectations across most key metrics. Compared to Modular Finance consensus, sales were +1% while the lower gross margin (-390bps) drove a -5% deviation on gross profit. With opex coming in 7% above expectations, adj. EBIT dropped 48% y-o-y for a -29% miss vs. consensus. On orders, the SEK 401m was a -5% deviation vs. consensus. Looking ahead, we make a positive revision to our Q3 sales estimate on orders actually coming in 7% above our estimate in Q2, while we remain somewhat cautious on Q4e organic growth due to the spectacular Q4'24 (71% organic growth and a positive profit warning).
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