Missed opportunity in a seasonally key quarter

Research evidence excerpt

Missed opportunity in a seasonally key quarter

ct, typically • NIBD/EBITDA ≤ 3.50x the first 2 years,

reversed in Q2, boosting cash. The RCF was largely undrawn. thereafter 3.00/2.50x after 2.0/3.0 years,

respectively

Cross-sale on the agenda for Q2 Call structure:

The two bolt-on acquisitions (E-Frisch GmbH and DBHF Ltd) are now fully • @ 102.0% until 01 Feb. 2026integrated technically and financially. Combined, they contributed SEK

15.5m to revenue and SEK 0.5m to EBITDA in Q1 - meaningful top-line • @ 102.5% until 01 Aug. 2026

support but limited EBITDA accretion, with synergies still to be unlocked. • @ 103.0% until 01 Feb. 2027

The bolt-ons are seasonally more tilted towards Q4. Management guides • @ 103.5% until 01 Aug. 2027

for DBHF gift sets to be cross-sold on eFlorist and Serenata platforms • @ 104.0% until 01 Feb. 2028

in Q2, representing a tangible near-term growth opportunity. The macro • Final maturity at 104%

backdrop in the core UK&I market (~64% of external revenue) remains Dividends:

competitively challenging, and FX was a headwind in the quarter. As noted

in our Q4 comment, organic order growth - still absent in Q1 - remains • No distribution (SEK 1m p.a. carve-out)

the critical variable for further bond re-rating; the per-order profitability

Company descriptionstory is intact but can only do so much to compensate for continued

volume attrition. On that topic, Euroflorist has reallocated direct marketing Euroflorist is a pan-European flower gift

costs to external expenses. This is a trade-off switch as it improves the company founded in 1982.

product gross margin at the expense of product profit including customer

acquisition costs. Why not show both. Analyst:

andreas.johannessen@abgsc.no, +47 22 01 60 31

Not a quarter to move the needle