Inwido AB (publ) Q1 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Jonny Jin - SEB - Analyst : Yes, thank you. Good morning, Peter and Fredrik. Thank you for taking my question. I want to start off a little bit on the cost side of things. I mean, look at your operating expenses it seems like they're up some 9% every year and you're already touched upon the e-commerce business a little bit here, but I also assume that you are preparing to meet higher demand going forward as well. So how should we think about the cost base on the group going forward here? Would you say that you are ready to meet higher demand in the coming quarters with the current personnel and cost base so that the those operating cost space in Q1 is that representable for the coming quarters as well. Of course, there's some seasonality here, but, any comments here would be helpful. Thank you.

Question: Jonny Jin - SEB - Analyst : Okay, and then, just following up what you said there at the end, on the e-commerce side, I mean, should we interpret that's like the demand picked up in the e-commerce segment during the end of the quarter and the adjustments that you talk about on capacity and cost in the e-commerce segment, and we expect that showing already in Q2 and onwards.

Question: Jonny Jin - SEB - Analyst : Okay, and then just shifting focus a bit to Western Europe segment. It looks like the gross margin there took a little step down year over year. So could you maybe shared some more elaborating comments there what's happened here and also how should we read this onwards? How is the margin profile in the backlog and also did you say that some sales In Western Europe were pushed into Q2 and if it's possible to quantify the magnitude of that would be helpful. Thank you.

Question: Jonny Jin - SEB - Analyst : Okay, so if I read you correctly, the pushed orders, we shouldn't read too much into that since it sounds like it's recurring every year. So in some extent due to the budget.

Question: Jonny Jin - SEB - Analyst : Okay, that's good. And then just one final, I mean, it's following up on your M&A comment. I mean, as you say, you need to increase the M&A pace here. It will be necessary to reach your 2030 targets that you are committed to and you are mentioning that activity is high, but I think that Yeah, that comment has been seen for soon one year almost. So yeah, maybe could you give some indications of what we can expect when in time this could happen? I understand you cannot give any guidance, but maybe on how the pipeline is developing is helpful, especially tying that to your comment when you said that you have terminated some discussions and like how should we read that with the pipeline and also I think the comment there on the building competition on the acquisitions is somewhat new. So who are you meeting and how is that changed? That would be helpful. Thank you.

Question: Jonny Jin - SEB - Analyst : Yeah, that, I understand that, but the comment around the building competition on the acquisitions, please say for me that's a little bit new. Who are you meeting? And would you say that the, I mean, activity is still high and I understand that, but would you say that the M&A climate, should I read that as the it has become more cautious since the start of the year or how should we read that? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 24, 2025 / 8:00AM, INWI.ST - Q1 2025 Inwido AB (publ) Earnings Call

Question: Jonny Jin - SEB - Analyst : Okay, that was all for me. Thank you for taking my questions.

Question: Albin Nordmark - Nordea - Analyst : Yes, hello, I be from there, just some questions here just to continue here firstly on Western Europe to understand the underlying operations here. The EBITDA margin was down some 30 bits year to year and, I can put some numbers on the effects from the storm mainly affecting would be the martin still be down without the storm, so to say.

Question: Albin Nordmark - Nordea - Analyst : All right, that's clear. And then if you could comment on the consumer versus project order intake for Scandinavia, Eastern and Western Europe, would be helpful.

Question: Albin Nordmark - Nordea - Analyst : So the consumer order intake is positive for the three of those or. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 24, 2025 / 8:00AM, INWI.ST - Q1 2025 Inwido AB (publ) Earnings Call

Question: Albin Nordmark - Nordea - Analyst : Yeah, exactly, that's clear. And then just finally, you mentioned some entities in Eastern lost some 60% of volumes. I think you mentioned that Fredrik, and how much would you say Eastern or let's say Finland as a whole in volume upside to let's say normal levels? How much upside is there, yeah.

Question: Albin Nordmark - Nordea - Analyst : You're right, but let's say you're in in 2 or 3 years you're back to normal levels, like how much volume is there, up from here than in in Eastern, that's.

Question: Albin Nordmark - Nordea - Analyst : Yeah, right, and thanks for that. That's all for me. Thank you.