Humble Group: Gross margin impresses - ABG

Sales 1% below cons, adj. EBITA in line with cons
Consensus EBITA estimate revisions flat to slightly up
To enter cash flow yielding phase in 2025


Q1'25 outcome

The Q1 report was mostly in line with consensus' expectations. Sales SEK 1,904m (-1% vs ABG 1,930m, -1% vs cons 1,924m), organic growth 4% (vs 7% ABG, 7% cons), gross margin at 32.3% (vs ABG 30.8%, cons 31.3%), adj. EBITA 133m (+12% vs. ABG 119m, 0% vs. cons 133m). Humble's gross margin was meaningfully better than expected, but the capacity-increasing investments weighed on adj. EBITA, as expected. Moreover, organic growth was slightly weaker than we had expected — partly due to Easter holidays occurring in Q2 as opposed to Q1 last year. This carried a larger impact than we had anticipated.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/humble-group/Equity-research/2025/4/humble-group---gross-margin-impresses/