Generic: Margins holding up well - ABG

* Sales -4% and adj. EBIT -11% vs ABGSCe * DOCS adoption >23% of municipalities * Consensus adj. EBIT likely down by mid single-digits Q2'25 details Generic reports Q2'25 sales of SEK 44.3m (-4% vs ABGSCe 46.2m), impacted by mix effects and smaller-sized new contracts as well as continues softness in logistics and e-commerce. Gross margin came in at 45% (40%), supported by a higher SaaS share and price adjustments. Reported adj. EBIT came in at SEK 9m (-11% vs ABGSCe 10m), representing a 34% y-o-y growth. Stable growth driven by SaaS and Healthcare Healthcare and e-health, maintained strong growth and positive development. The strong demand for DOCS continues to grow and is penetrated by >23% of Sweden's municipalities as well as several regions and other customers in the healthcare sector. This confirms our view that secure communication will remain a key growth driver going forward. Estimate revisions Moving forward, we expect continued growth in high-margin SaaS services and stable demand for secure communications such as DOCS. Based on our initial impression of the report, we expect consensus adj. EBIT to come down by mid single-digits.

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