Careium: Improved GM supports EBIT beat - ABG

Q4 sales -1% below our ests. at SEK 229m, for 12.5% org. growth
EBIT +14% vs. ABGSCe, and FCF in line at SEK 17m
Trading at 9x '25e EV/EBITA


Q4: Product sales and GM better than expected

Careium delivered sales of SEK 229m (-1% vs ABGSCe 232m), corresponding to y-o-y organic growth ex. FX of 13% (-2pp vs ABGSCe 15%). Segment wise, service sales was SEK 166m (-7% vs ABGSCe 177m), and product sales was SEK 63m (16% vs ABGSCe 54m). The gross margin increased to 44% (2pp vs ABGSCe 42%), 1.7pp q-o-q and 4.2pp y-o-y), on a favourable regional and product mix. Opex came in at SEK -75m (0% vs ABGSCe -75m) on good cost control. EBIT amounted to SEK 27m (14% vs ABGSCe 23m), for a margin of 11.6% (ABGSCe 10%, 9.5% in Q3'23). Sales were negatively impacted by the infrastructure delays in the Nordics (-7% y-o-y), offset by positive development in other regions, with a notable growth of 18% y-o-y in the UK & Ireland. Product sales for the group grew by 39% y-o-y.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/careium/Equity-research/2025/2/careium---improved-gm-supports-ebit-beat/