Careium reported Q3 with 9.4% organic growth, leading to sales -1% below SEBe. Gross margin was 44.2% (SEB at 44%). EBIT declined 14% y/y, with the margin falling 1.5bp y/y reaching 6.7% (SEB at 7.8%), leading to EBIT -1.2pp% below SEB expectations. Excluding costs for CEO shift, adj. EBIT was +14% y/y. The main headwind in Q3 was Nordic -14% y/y still being impacted from fewer contracts being classified as financial leases in Sweden. We expect minor adjustments to 2025 EBIT.

SEB Research

This research has been commissioned by the company. Only for professional investors resident in EEA member states. Reports may not be distributed to the US or other jurisdictions where to do so would be unlawful. Please see the disclaimer tab for any details of investment banking services recently provided by SEB that could be considered relevant to the subject matter of this research.

Läs mer på SEB Research