Proact: Q1 better than expected but some soft KPI's - ABG

2% organic growth (ABG -2%), adj. EBITA +8% vs ABG (-16% y-o-y)
Service revenues declined more than expected, some soft cloud KPI's
Small positive revisions, share up slightly


Q1 details

Sales SEK 1,216m (4% vs ABG 1,165m, no cons). Adj. EBITA 79m (8% vs ABG 73m), Adj. EBITA margin 6.5% (ABG 6.3%). Organic growth 2% (vs ABG -2%), of which system sales grew 8% (ABG -5%) and services -6% (ABG 1%). Adj. EBITA -16% y-o-y (ABG -23%) on a tough comp. OCF at SEK 55m (104m in Q1’24) down due to the earnings decline y-o-y.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/proact/Equity-research/2025/5/proact---q1-better-than-expected-but-some-soft-kpis/