In all, net sales are 2% below our estimate and 3% below consensus. Organic growth is 1% y/y (SEBE: +6%). Reported EBITA of SEK 21m is 12% below our estimate. As earnings include non-realised FX losses on contingency debt (earn-outs) of SEK 5m, our initial take is that underlying EBITA came in at SEK 26m. This is 9% ahead of our forecasts and corresponds to a margin of 6.6% (down from 7.8% in Q1/23). Our current mid-point value per share is SEK 80.

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