Net sales for the quarter came in at SEK768m, showing currency-adjusted growth of 6%. For the full year, net sales were SEK2,683m, in line with our estimate for the year. Adjusted for currency, this was growth of 2%. Q4 EBITA was SEK139m, suggesting a margin of 18.1%. EBITA for the full year came in at SEK346m, surpassing our estimate by around 8%. BTS thus ended the year with one of its best quarters ever. It guides for even stronger EBITA in 2024 than in 2023, stating that year has started well.

As we expect the market to remain somewhat hesitant, we are conservative with our revenue estimates and leave them essentially unchanged. We believe the market remains challenging, despite the glimmers of light from the North America and Other markets. We stick to the growth we have modelled, awaiting further indications that the market is strengthening. Given the solid profitability in Q4, we lift our EBITDA estimate for the current year by 7%. In our view, BTS has, with its solid Q4 report, reached new levels of scalability and profitability. We maintain our 2025 sales forecast but calculate with a higher margin, which prompts us to raise our EBITDA estimate by 5%. We believe BTS still has an opportunity to strengthen its capacity utilisation, leading us to anticipate increasing margins for 2024–25.

2024 has the potential as a year of considerable momentum