Humble Group: Ready and set for acquisitions in 2025 - ABG

Sales in line with cons, adj. EBITA -7% vs cons
Consensus EBITA estimate revisions slightly negative
Acquisitions back on the agenda again


Q4'24 outcome

The Q4 report was mostly in line with expectations. Q4 sales came in at SEK 2,089m (0% vs ABGSCe 2,098m, 0% vs cons 2,099m), organic growth ~7% (vs 8% ABGSCe; vs 8% cons), gross margin at 31.5% (vs ABGSCe 31.0%, vs cons 31.1%) and adj. EBITA at 157m (0% vs ABGSCe 157m, -7% vs cons 168m). Humble's gross margin was slightly better than expected, but the capacity-increasing investments weigh on adj. EBITA, causing a slight miss vs consensus.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/humble-group/Equity-research/2025/2/humble-group---ready-and-set-for-acquisitions-in-2025/