Ecoclime

Sales -9% and company adj. EBITDA SEK -8.5m vs. ABGSCe Interest rate environment and mix effects weigh on sales Situation has improved during the beginning of Q1 Q4 results Net sales were SEK 86.9m (-9% vs. ABGSCe 95.3m), up 6% y-o-y. Company adj. EBITDA...

Q4e: sales SEK 95m, up 16% y-o-y, EBITDA SEK 9m (-4.6m) Estimates reflect increased focus on profitability vs. growth Investments in increased capacity likely required for strong growth Q4e: Tougher comps moderate growth rate For Q4e, we expect sales...

Sales of SEK 62m, up 26% y-o-y, EBIT -4.9m (-25.8m) Circular Energy continues growth, production at capacity Sees relatively good order intake in challenging market Q3: Promising improvements on profitability In the seasonally softer Q3, sales were SEK...

Sales +1% and company adj. EBITDA SEK +4m vs. ABGSCe Circular Energy drives growth and improved profitability Increased demand for Evertherm, production at capacity into '24 Q3 results Net sales were SEK 61.7m (+1% vs. ABGSCe 61m), up 26% y-o-y, of which...

Q3e sales SEK 61m, up 25% y-o-y, adj. EBITDA SEK -0.6m (-5.0m) Q3 seasonal low, working towards profitable growth, but tough macro Targeting tenants' associations to navigate weak construction market Q3e: The seasonal low-point In Q3, we expect sales...

Growing in the right segments... ...with more stringency on costs Demand holding up despite uncertain market Circular Energy +51% vs. ABGSCe, opex flat q-o-q Ecoclime delivered a strong set of numbers. Q2 sales were +32% vs. ABGSCe with the beat stemming...

Circular Energy +51% vs. ABGSCe EBIT SEK -0.3m (ABGSCe -5.2m) Q2 numbers imply sales revisions of +7-5% Q2 outcome Net sales were SEK 91m (+32% vs. ABGSCe 69m), up 58% y-o-y, of which +65% organic (ABGSCe +20%). Most of the sales beat came from the two...

Q2 report due on Thursday, 17 AugustEBIT down on lowered marginsHopefully more clarity on strategy with new CEOQ2 expectations We expect Ecoclime to report Q2 net sales of SEK 69m, up 20% y-o-y, with growth being driven by Evertherm sales in Circular...

Net sales at SEK 75.2m, above ABGSCe SEK 70.7m Circular Energy sales shine once again... ...but still weak EBITDA contribution Circular Energy showed solid growth but EBITDA stills lags Ecoclime delivered a stronger than expected Q1 report, with net ...

EBITDA SEK -2.9m vs. ABGSCe -1.3m Circular Energy sales at SEK 37.1m (vs. ABGSCe 20.1m) OCF at SEK 4.8m Q1 results Net sales came in at SEK 75.2m (6% vs. ABGSCe SEK 70.7m), up 38% y-o-y, of which 31.8% organic (ABGSCe 16.1%). The gross margin was 48....

Q1 report due on Thursday, 4 May We lower '23e sales by ~4% as we trim Circular Energy sales The share is trading at 5x EV/EBITDA on '24e Q1'23e: Evertherm organic growth key driver We expect Ecoclime to report Q1 net sales of SEK 71m, up 30% y-o-y (...

Adj. EBITDA SEK 5.4m vs. ABGSCe 0.2m Circular Energy very strong at SEK 38m sales (ABGSCe 18m) 12-6x '23e-'24e EV/EBITDA (adj.) Q4 results Net sales came in at SEK 82.2m (23% vs. ABGSCe SEK 66.6m), up 84% y-o-y, of which 19.7% organic (ABGSCe 11%), but...

Adj. EBITDA SEK 5.4m vs. ABGSCe 0.2m Circular Energy very strong at SEK 38m sales (ABGSCe 18m) 12-6x '23e-'24e EV/EBITDA (adj.) Q4 results Net sales came in at SEK 82.2m (23% vs. ABGSCe SEK 66.6m), up 84% y-o-y, of which 19.7% organic (ABGSCe 11%), but...

Q4 report due on Thursday 16 February We expect net sales of SEK 67m, up 49% y-o-y New CEO to start in May Q4'22 expectations We expect Ecoclime to report Q4 sales of SEK 67m, up 49% y-o-y (+11% organic, +38% M&A), whereof the organic growth is mainly...

’23e district heating prices raised by up to 20%... …boosting Evertherm ROI and shortening payback Q3 report due on Thursday, 10 November District heating monopolies raise 2023 prices by up to 20% More than 90% of Swedish multi-unit dwellings use district...

Lower margins on installations, product margins stableNear-term cost base re-assessedFair value SEK 10-17 (11-18), 13x ’23e EV/EBITDA (adj.)Installation services and expansion costs weigh on marginsEcoclime reported Q2 sales of SEK 57m (-13% vs. ABGSCe...

Net sales SEK 57m, adj. EBITDA SEK -4.3mQ2 numbers imply 15-20% adj. EBITDA downgrades9x ’23e EV/EBITDA (adj.) on pre-Q2 numbersQ2 outcomeEcoclime reported net sales of SEK 57.4m (-13% vs. ABGSCe SEK 66m), and organic growth was 9.6% (ABGSCe 9.0%). The...

Q2 report due on Thursday 18 AugustHigher ’22e opex, building for long-term growthEvertherm fairly resilient, but not immune to rate hikesContinued sequential growth in Circular EnergyWe expect net sales of SEK 66m, up 66% y-o-y (+9% org, +57% M&A), ...

Solid growth, especially in Circular EnergySome necessary growing pains lead to higher opex10x ‘23e EV/EBITDA (adj.), reiterate fair value SEK 12-20173% organic growth in Circular Energy, but higher costsEcoclime reported Q1 net sales of SEK 54.4m (0...