PION Group: Battling a grim market - ABG

Sales down 9% y-o-y in Q4
Adj. EBITA marginally in the black
QRIOS the bright spot as growth accelerates


Q4: Additional market weakness takes its toll

PION Group reported revenues of SEK 484m (-9% y-o-y), with and organic decline of 14% y-o-y. We were off by 10% as we got the impression that demand was stable after the Q3 report. However, additional market weakness during Q4 affected both Uniflex and Poolia negatively. QRIOS on the other hand saw accelerating growth y-o-y, driven by solid demand from its life science business. The newly started business unit is now closing in on SEK 300m in sales ('24e) and given that it is more like a consultancy business it should have the potential to reach EBITA margins in the range of 8-10% in a more mature state. Adj. EBITA was SEK 0.8m (12.2m), total cash flow was SEK 34m (28m) and the proposed dividend was SEK 0.25 (0.50) per share.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/pion-group/Equity-research/2024/2/pion-group---battling-a-grim-market/