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Third party research

Qlosr: To close the subscription model chapter - ABG

Qlosr Group

This is a third party research report and does not necessarily reflect our views or values

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'24e-'26e EBITDA cut by 7-8%
Intends to divest the subscription businesses...
...to focus on hardware sales


Q2 results and intended divestment

Q2 revenue and adj. EBITDA were 26% and 28% below our estimates, respectively. The large deviations were driven by larger costs associated with the business model transformation and hardware-related sales that were delayed to Q3. Qlosr announced that it intends to divest its subscription-related business for SEK 165m (of which 20% is an earn-out). The subscription business represents approximately half of sales (SEK ~300m, according to our estimates), and the remaining half, which is intended to be the future Qlosr, is the hardware sales business, which earns an EBITDA margin in the range of 4.0-4.5%.
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