PION Group: Cost initiatives bite in Q3 - ABG

Back into black numbers, adj. EBITA SEK 10.8m (21.6m)
Lower sales but higher EBIT for '24e
Stable demand despite weak and uncertain market


Q3: Sales -6% vs ABGSCe, but higher than expected EBITA

PION Group reported revenues of SEK 477m (-7% y-o-y), which was 6% below ABGSCe. The deviation was mainly driven by lower sales in Uniflex. Poolia was also below expectations, but it was offset by higher sales in QRIOS. The company showed impressive profitability, however, with cost initiatives in both QRIOS and Poolia having a larger effect than we expected. Uniflex was somewhat below ABGSCe but still on a solid level. Adj. EBITA was SEK 10.8m (21.6m), which was clearly above ABGSCe at SEK 4.9m. There was a working capital build-up from lower accounts payable, but management guided for a recovery in Q4 and we do not foresee any issues with liquidity.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/pion-group/Equity-research/2023/11/pion-group---cost-initiatives-bite-in-q3/