EBIT of NOK 366m, -19%/-14% vs ARCe/Cons at NOK 453/424mStrong organic gross sales of 13.6% (ARCe: 5%), but gross profit growth of 0% (ARCe: 4.5%) due to lower gross marginsDPS proposal of NOK 7.0 (ARCe/Cons: 7.25/7.33)2025 outlook says EBIT growth in Q1'25 and higher EBIT growth in subsequent quartersLikely some 15% downside ARCe at 26% EBIT growth in 2025Share likely to come down some 10% today. Some cushion trading at discount to historical and peer multiples
