I-tech: The winning formula continues to unfold - ABG

Strong Q1 sales of SEK 57m, +49% y-o-y
'25e-'27e sales and EBIT up 5-6% and 9%, respectively
Growth in market share should overshadow market uncertainty


The growth journey continues

I-Tech reported strong sales of SEK 57m (+9% vs. ABGSCe, +49% y-o-y) and EBIT of SEK 18m (9m) for a margin of 31% (27%). Cash flow was strong, and the company reported lease-adj. FCF of SEK 26m (14m), ending Q1 with a cash balance of SEK 126m. We expect the company to give more details of the company's ongoing business development initiatives, in which it is exploring more growth verticals, in H2'25. Furthermore, CMP, I-Tech's largest customer (~66% of sales), continues to grow its volumes (+40% in Q1). PPG, a recent addition to I-Tech's customer list, grew >300% in Q1 (albeit from a low base), and we expect this positive trend to continue in the coming quarters.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/i-tech/Equity-research/2025/5/i-tech---the-winning-formula-continues-to-unfold/