In 2Q23, we expect sales revenue to reach PLN 176mn, up 17% y/y, as a result of the company's record order book. We assume clear revenue growth in the Melt Furnace, Aluminum Process and Aftermarket segments. In our view, EBITDA profitability in 2Q23 will be lower both y/y and q/q, due to the appreciation of the PLN against the USD and EUR and an increase in selling and management costs. We expect higher personnel costs.
As a result, we expect 2Q23 EBITDA to be PLN 14mn, 12% lower y/y.
We assume that the inflow of new orders in 2Q23 may have been below realized revenues, leading to a decline in the order backlog q/q, but it should still be higher y/y, and despite the strengthening of the PLN y/y as well.
