Generic Sweden

* Gross margin at 45% (40%)* SaaS supports margins and outlook* Trading at ~11-9x EV/EBITA for '26e-'27eStrong margin improvementGeneric reported sales of SEK 44m, up 2% y-o-y (4% below ABGSCe), driven by: i) lower volume-based products (e.g. SMS), which...

* Sales -4% and adj. EBIT -11% vs ABGSCe* DOCS adoption >23% of municipalities* Consensus adj. EBIT likely down by mid single-digitsQ2'25 detailsGeneric reports Q2'25 sales of SEK 44.3m (-4% vs ABGSCe 46.2m), impacted by mix effects and smaller-sized...

6% organic sales growth y-o-y SaaS momentum drives gross margin uplift... ... and leads to impressive EBIT growth of 41% y-o-y Q1: Sales growth of 6%, EBIT margin of 21.7% (16.3%) The Q1 report really showed the scalability of Generic's business model...

24% organic sales growth y-o-y Improved gross margin due to pricing and mix Opex flat y-o-y leads to 48% EBIT growth Q4: Sales growth of 24%, EBIT margin of 22.7% (19.0%) Generic continued its impressive comeback in Q4, where H1'24 profitability issues...

24% organic sales growth y-o-y Improved gross margin due to price adjustments Opex growth to abate in the coming quarters Q3: Sales growth of 24%, EBIT margin of 20.6% (22.6%) In our view, Generic's Q3 results were impressive. Sales growth remained strong...

26% organic sales growth y-o-y Growth initiatives hurt profitability mid-term Pricing to act as a tailwind for gross margin in Q3 Q2: Sales growth of 26%, EBIT margin of 15.5% (20%) There was a similar trend in Generic's Q2 numbers as we saw in Q1, where...

22% organic sales growth y-o-y Lower than expected gross margin Price increases should help gross margin in Q2 Q1: Sales growth of 22%, EBIT margin of 16.3% (21.3%) Generic's Q1 numbers were quite eventful as there was a new strategic direction prioritising...

12% organic sales growth y-o-y Opex increase and IAC affect Q4 Profitability assumptions down on slightly higher opex Q4: Sales growth of 12%, adj. EBIT margin of 19% (21.5%) Generic reported Q4 numbers were slightly behind our expectations. Net sales...

15% organic sales growth y-o-y Inera volumes slightly delayed Minimal changes to long-term estimates Q3: Sales growth of 15%, EBIT margin of 22.6% (22.2%) Generic reported solid Q3 numbers with net sales of SEK 34.7m (+15% y-o-y, all organic), as the...

We expect a solid Q3 with 12% organic sales growth 15% EBIT growth y-o-y in Q3e Inera framework agreement behind our revisions Q3e: gradual recovery to continue Generic has historically showed a stable development that stems from a recurring SaaS offering...

Solid sales growth at 10.4% y-o-y, all organic EBIT growth of 28% with excellent cost control Demand is holding up well into H2 Q2: Sales growth of 10.4%, EBIT margin of 20% (17.2%) Generic reported a solid quarter with net sales of SEK 34.6m (+10.4%...

Sales growth below 10% again, but comps were tough Delivers 18% EBIT growth y-o-y DOCS sales have stabilised the gross margin Q1: Sales growth of 9% and an EBIT margin of 21.3% (19.6%) Generic reported Q1 net sales of SEK 34.6m (+9% y-o-y, all organic...

Finding a new level of growth post COVID-19 Impressive profitability in Q4 Low churn confirmed, as expected Q4: Sales growth of 12% and an EBIT margin of 21.5% Generic reported solid Q4 results with net sales of SEK 34.2m (+12% y-o-y). Growth picked ...

Slower sales growth than we have become used toWe lower long-term EBIT by 5%Lifted COVID-19 restrictions boost new salesQ2: Net sales +6% y-o-y, EBIT margin of 17.2% (20.4%)Generic reported Q2 net sales of SEK 31.3m (29.6), representing a slower growth...

Still growing sales >30% y-o-y in Q4Gross margin declining faster than expectedOpex will likely grow faster in ‘22e than ’20-‘21Q4: Sales +33% y-o-y, EBIT margin of 16.8% (15.9%)Generic reported Q4 net sales of SEK 30.5m (+33% y-o-y), 2% ahead of ABGSCe...

39% sales growth y-o-y, EBIT +50% y-o-ySequential sales decline behind estimate revisions’22e EV/EBIT of 45x, 1.4% dividend yieldGeneric reported Q3 net sales of SEK 27.2m (+39% y-o-y), 4% below our forecast. The deviation stems from a higher sequential...

Two consecutive quarters with 47% y-o-y sales growthWe raise both sales and margin assumptions‘22e EV/EBIT of 38.2x, div yield of 1.6%Generic reported Q2 net sales of SEK 29.6m (20.2m), a second consecutive quarter with 47% y-o-y sales growth despite...