Near-term weakness in FW & NWFT to linger

Q2 in line with PW, rights issue announced

Weak Q2 triggers PW

NW&FT weakness to continue, set for better H2

ABGSC Investor Days feedback

Slow start to '25e, but consumer brands strong

Sales miss driven by NW&FT and FW

Last quarter of tough comps in NW&FT

Demand recovery in 2025

Better opex counters weaker sales

Weaker Q4 likely, but set up for a stronger H1

NW&FT return to growth delayed

Market headwinds force some price reductions

Several markets still weak, but one bright spot

NW&FT end-markets weaken further

Sales decline 6% y-o-y as EBIT remains at break-even. Weak restaurant and hotel market hamper NW&FT growth (-19%). We cut '24e-'26e sales by ~9% due to near-term market weakness.

Nonwoven hampered by restaurant weakness

Q2'24 results fast comment

Q2e a repeat of Q1 with easier comps

Q2e sales SEK 45m, +10% y-o-y, adj. EBIT SEK 1.8m (-0.4m). NW&FT and GC&MP drive growth, FW struggles with market. Expect to finish '24 with break-even EBIT, improve from there.

Better than expected, comps ease from here

GC&MP outperforms, NW&FT takes a breather, FW lags behind. Sales decline, but EBIT and cash flow better than expected. Liquidity stabilised, new customers and cost control bode well.

Stabilised by improving cost control and NWC

Q1'24 results fast comment

Organoclick - Cash was king in Q3, but growth was slow

Cash flow helped by ~SEK 8m NWC release NWT ramping up, but still a bit slower than expected Trading at 21-11x ’23e-’24e EV/EBITDA