Bongs Q3-numbers were slightly better than we anticipated. Light Packaging is showing solid growth of 7 percent Y/Y (Fx-adjusted). Envelope sales were however down 9 percent (Fx-adjusted), which is no surprise and basically in line with the general market trend. Gross margins recovered a little compared to the previous quarter while SG&A were stable. EBIT: SEK 7 million is lower Y/Y but higher Q/Q (and just above our estimate: SEK 3m).

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