Northbaze Group achieved net sales of SEK48m, growing 73% y/y due to acquisitions and organic growth in Adiantes. Gross profit reached SEK20m, with a margin of 42%, exceeding expectations. EBITDA came in at SEK2m, significantly better than the estimated SEK-1.9m, although impacted by one-time costs from the Enter acquisition. Operational cash flow was SEK4.5m, leaving a cash position of SEK14m at period-end. In 2025E, we project Northbaze will reach sales of SEK507m and EBITDA of SEK19m, a 4% margin.

We are raising our next-quarter EBITDA estimate from SEK-9m to SEK1.2m, bringing the full-year estimate to SEK11m. This minor adjustment does not affect our long-term valuation range. Going forward, we expect Northbaze Group to maintain an EBITDA margin of around 4%, with potential for improvement if gross margins increase over time.

We are reiterating our valuation range of SEK0.14 - SEK1.37 with a Base case at SEK0.75. Calculating the upside potential from the 30-day WVAP (SEK0.28) to our valuation implies an upside potential of 170% to our base case. On back of our estimates, the implied EV/Sales multiple for 2025E is 0.1x, with an EV/EBITDA multiple of 2.8x.