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

Organoclick - Cash flow improved, but still strained

EBIT SEK -7.9m SEK vs. ABGSCe -5.0m NWT sales at SEK 2.5m (0.2m) vs. ABGSCe 4.0m 15-8x ’23e-’24e EV/EBITDA on pre-Q3 estimates

Organoclick - Small steps forward

Q3 report due on Thursday, 10 November We lower ‘22e-‘24e sales by 6%/10%/8% We foresee Duni contract at full run-rate in Q4e

Organoclick - Softer consumer demand in a tough market

Low demand for B2C products weighs on Q2 Baux outsourced and royalty model implemented Working capital build-up strains balance sheet

OrganoClick AB: 1 director

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Organoclick - B2C products struggle, better for B2B

Decent NWT ramp-up in Q2, will accelerate in H2 Continued NWC build-up could cause some fears 13-8x ’23e-’24e EV/EBITDA on pre-Q2 numbers

Organoclick - All eyes on NWT ramp-up in H2

Q2 report due on Wednesday, 17 August Fewer newbuilds could be a headwind for FW in ’23e NWT ramp-up in H2 crucial for confidence

Organoclick - ABGSC’s Investor Days feedback

Two NWT contracts in late-stage negotiations High oil prices support demand for plastic alternatives A strategic shift may be in the cards

Organoclick - Margins improve, but NWT sales still lag

Q1 marked a return to normal gross margins NWT ramp-up lagging expectations, sales down 7-3% 15-10x ’23e-’24e EV/EBITDA

Organoclick - Gross margin is back on track

Gross profit SEK 8.2m (+3% vs. ABGSCe 8.0m) Expects double-digit growth and increasing gross margin 15-10x ’23e-’24e EV/EBITDA on pre-Q1 numbers

Organoclick - A return to normal

Q1 report due on Wednesday, 4 May FW margins should be secure for Q1 and Q2 30 ongoing NWT projects, 10 in production phase

Organoclick - Partnering up with Ahlstrom-Munksjö

Contract signed in the NWT segment Volumes not specified, but significant potential Work continues to expand the partnership