* +9% organic growth y-o-y, +1% vs. ABGSCe * 19% adj. EBIT margin (vs. ABGSCe 12%) * Cons to raise '26e EBIT by ~15%
Q1 results
Sales SEK 61m (1% vs ABGSC 60m), adj. EBIT 12m (60% vs ABGSC 7m). Formpipe (Lasernet) reported 9% organic growth y-o-y, of which 11% organic growth in recurring revenue. The former improved from +5% y-o-y in Q4, and was above our forecast +6%.
Q1 thoughts
After reporting lukewarm ACV in Q4 (SEK 2m), this improved markedly in Q1 and came in at SEK 6m (driven by 18 new deals). Meanwhile, costs were lower than expected, resulting in a significant EBIT beat and a strong margin of 19%. The costs benefited from recent layoffs, which are now fruitful, boding well for continued margin expansions as sales continue to improve.
Estimate changes and valuation
Formpipe's share is -12% YTD and is trading at 1.6x EV/sales on our unrevised 2026 estimates. On the back of the Q1 beat, we expect consensus to raise '26e EBIT by ~15%, mainly driven by higher margin assumptions.