OrganoClick: Better opex counters weaker sales - ABG

Sales -10% vs. ABGSCe, but EBIT only -2% on better opex control
GC&MP to continue growth; NW&FT, FW markets to improve slightly
SEK 6.2m total liquidity vs. R12m FCF of SEK -14.1m


Q4 results

Sales were SEK 21m (-10% vs. ABGSC 24m), -23% y-o-y (-23% organic), while adj. EBIT was -7m (-2% vs. ABGSC -7m) for a margin of -32% (ABGSC -28%). The sales miss was largely offset by better opex control, which explains the in-line EBIT, but the gross margin did suffer from the lower volumes, as well as an unspecified correction of inventory obsolescence. The lower than expected sales were driven by all three segments, with NW&FT and FW continuing to contract y-o-y, while growth slowed in GC&MP. The company produced lease adj. FCF of 0m, and ended the quarter with a cash balance of 0.5m vs. R12m FCF -14.1m, as well as unutilised credit facilities of SEK 5.7m.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/organoclick/Equity-research/2025/2/organoclick---better-opex-counters-weaker-sales/