April sales in Sweden improving slightly

Unappreciated resilience - up to BUY

Limited items to complain about in the Q1 report, making us upgrade '24e-'26e EBIT by 18-16%. Up to BUY (Hold): '25e P/E below 7x, ~15% FCF yield, net cash.

Strong B2B and CEECA driven beat

Growth decelerating

Q1e: soft B2B and tougher comps, EBITA up 10% y-o-y. We cut '24e-'26e EBIT by 8-5% on trimmed B2B sales. Poor timing makes us keep HOLD, but solid value support.

Swedish revenue remains soft in March