- Figures in line with pre-announcement - Aurdel a little softer than expected - Consensus EBIT estimate revisions likely negative
Q2'25 results Q2'25 revenue and adj. EBIT were in line with the pre-announced figures, coming in at SEK 244m and SEK -32m, respectively. Based on the segment reporting, it appears that the organic decline was approximately -27% for Aurdel and EFUEL combined, whereas we had expected nearly -20%. Aurdel's sales was a smidge weaker than we had anticipated, whereas the contribution from Septon was stronger than we had anticipated. EFUEL continues to grow, despite a tough market for EV chargers. DistIT generated operating cash flow of SEK 27m, mostly driven by a working capital release of SEK 109m.
Thoughts and outlook With an additional liquidity injection, we believe that DistIT should be able to profitably grow Aurdel, as it has been largely been unable to grow previously. As the quality and desirability of the offered inventory improves, the conditions for Aurdel to grow should improve. EFUEL grew by roughly 30%, and we believe that the business growing, despite tough conditions, is a sign of it having a desirable offering. With a more concentrated Aurdel, we believe that DistIT can return to a maintainable profit level and ultimately generate sustainable cash flow.
Valuation and estimate revisions The share is down ~87% YTD, and is trading at '26e-'27e EV/EBIT of ~38-11x based on our unrevised estimates. Based on the segment reporting, we expect consensus to mechanically cut implicit Aurdel sales estimates by mid single digits and EBIT by low teens.