Careium: Swedish market still awaiting tenders - ABG

Q1: Minor sales miss, but EBIT beat on strong GM
We cut our sales estimates slightly, but raise adj. EBITA
Share is trading at 8x-7x '25e-'26e EV/EBITA adj.


Soft sales and high opex weighed on adj. EBITA

Careium delivered soft sales in Q1, with organic growth of -2.3% compared to +12.5% in Q4'24. A soft quarter for sales was expected, as the Swedish market is awaiting major tenders in H2. Service sales increased by 3.4% y-o-y and product sales dropped by 15% y-o-y. The Nordics was the chief reason for the negative growth, down 13% y-o-y, while the other regions showed positive y-o-y growth (UK & Ireland +6%, Netherlands +15% and other regions +9%). The GM was a solid 44.5%, up 1.6pp y-o-y, partly driven by a one-time revenue recognition effect in the UK of SEK 4m. Opex grew 6% y-o-y, mainly due to nearly doubled R&D costs and a 7% increase in SD&M. Consequently, adj. EBITA was down 20% y-o-y, on opex growth and lower sales.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/careium/Equity-research/2025/4/careium---swedish-market-still-awaiting-tenders/