In This Article:
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Revenue: Increased to 3.2 billion, with adjusted organic growth of 6.5%.
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Installation Growth: 4.7% growth in the installation segment.
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Industry Growth: 3.3% growth in the industry segment.
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Trade Growth: 30% growth in the trade segment.
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Climate Segment Growth: 37% organic growth, adjusted to 14% excluding solar park deliveries.
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Transition Costs: Approximately 12 million in transition costs incurred in Q1.
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Restructuring Costs: Approximately EUR 40 million in restructuring costs.
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Cost Savings: Estimated full-year cost savings of approximately 60 million from restructuring.
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EBITDA: 74 million, in line with expectations; underlying EBITDA of 126 million after adjustments.
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Gross Margin: Decrease attributed to the impact of solar polaris projects.
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Operating Activities: Negative effect of 88 million due to increased accounts receivable.
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Investing Activities: Net 78 million, with 126 million invested in PPE.
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Net Working Capital: Reduced to 14.7% as an average for the last four quarters.
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Dividend Payout: 110 million paid out in dividends during the quarter.
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2025 Guidance: Revenue expected in the range of 12.3 to 14.8 billion; EBITDA in the range of 530 to 600 million.
Release Date: May 09, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Revenue increased to 3.2 billion with an adjusted organic growth of 6.5%.
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Trade segment showed an impressive growth of 30%.
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Climate focus area demonstrated a strong organic growth of 37%, even when adjusted for specific project deliveries.
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Warehouse capacity across Denmark, Sweden, and the Netherlands increased by 25%, enhancing operational efficiency.
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Investments in automation and digitalization are expected to support a minimum of 10% volume growth without additional labor costs.
Negative Points
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Transition costs of approximately 12 million were incurred due to warehouse relocations.
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Restructuring costs amounted to approximately EUR40 million in Q1.
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Operating activities showed a negative effect of 88 million due to increased accounts receivable.
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Gross margin decreased due to the diluting impact from solar polaris.
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Sweden and Norway markets are underperforming, impacted by restructuring and market conditions.
Q & A Highlights
Q: Can you elaborate on the motivation behind the efficiency initiative, particularly the staff cost reduction? A: Michael Jeppesen, CFO, explained that the initiative involves decentralizing some centralized functions and restructuring shared services to focus on digitalization. The changes primarily affect the commercial market, with a smaller group entity and decentralized product management. The goal is to simplify operations and align with current market conditions.