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Third party research

Awardit: Miss driven by weaker margins in Gift Cards - ABG

Awardit

This is a third party research report and does not necessarily reflect our views or values

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Adj. EBITA SEK 12m, -50% vs. ABGSCe SEK 24m
MBXP continued to hold back profitability, sales in line
Consensus est's to come down 7-8% on '24e-'25e


Q3 details

Sales SEK 250m (0% vs ABGSCe 248m). EBITA 8m (-67% vs ABGSCe 24m). Adj EBITA 12m (-50% vs. ABGSCe 24m). Organic growth was 7% vs. ABGSCe 2%. EBITA in Gift Cards (MBXP) stabilised but was still significantly below last year (-6.3m vs. 4m), in part because of the announced 4.4m write-down of bad debt. The DACH region contributed negatively to EBITA, weaker results in part because of bigger seasonal swings than we expected. Meanwhile, Awardit's core Loyalty business grew 12% y-o-y as major clients showed continued growth with good margins. EBIT was -2.5m (vs. ABGSCe 11m) FCF was 13m, brining LTM to 70m.
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