Atea (AO) | Buy | Q2 sales beat, but hardware mix weighs on margins

研报英文原文证据摘录

Atea (AO) | Buy | Q2 sales beat, but hardware mix weighs on margins

ue mix.

Cost control remained strong, with operating expenses increasing by only 2% YoY. This allowed EBIT to grow by 19% and the EBIT

margin to improve to 3.1% from 2.9%, despite the significant gross-margin dilution.

Sweden was the main earnings growth driver, with EBIT increasing by 25% in local currency on strong hardware sales and limited

cost growth. Norway delivered 26% gross sales growth, but EBIT was unchanged as the weaker sales mix and higher variable

compensation offset the volume growth.

Denmark reported improving profitability from a low base, while Finland and the Baltics also delivered double-digit EBIT growth.

Services remained the weakest area at group level, primarily reflecting a difficult comparison in Denmark and negative currency

effects.

Operating cash flow was negative NOK727m, compared with negative NOK111m last year, mainly due to a temporary increase in

hardware inventories. Atea increased inventory to secure pricing and product availability and expects this working-capital build

to reverse as products are delivered during H2.

Lower financial expenses also supported the bottom line. Profit before tax increased by 40% YoY and net profit increased by 39%,

compared with EBIT growth of 19%.

Table 1:Consensus table

MNOK Q2 Act. Consensus Diff. Q2 KECH Diff.

Gross sales 18,856 17,819 6% 15,432 22%

Revenue 10,423 9,888 5% 9,869 6%

EBITDA 507 524 -3% 613 -17%

EBIT 320 326 -2% 411 -22%

Net Profit 218 222 -2% 281 -22%

EBIT margin 1.7% 3.3% -0.02pp 4.2% -0.02pp

Source: Kepler Cheuvreux

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