Freemelt: Soft sales driven by e-MELT delivery timing - ABG

Sales SEK 2.9m, EBIT adj. -12m vs. cons. 7.7m and -9.6m
Miss entirely driven by delivery timing of an e-MELT machine
Opex in line, expect cons. EBIT adj. to remain unchanged


Q1 results

Sales were SEK 2.9m (0.8m), 69% below our estimate (62% below FactSet consensus). EBIT adj. was -12m (-12m), compared to our estimate of -9.3m (consensus -9.6m). Opex was in line, and the miss is entirely driven by the absence of an e-MELT delivery which we had estimated would be delivered in Q1. With the order book at an all-time high of 19m, we expect this is merely a timing difference, and that the machine will be delivered later this year. Lease adj. FCF was -18m, bringing the R12m figure to -76m. The company ended the quarter with a cash balance of 72m.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/Freemelt/Equity-research/2025/5/freemelt---soft-sales-driven-by-e-melt-delivery-timing/