Inission (INISS) investor relations material

Executive summary

• Q2 sales decreased 6.2% year-over-year to SEK 534–534.5 million, all organic, with EBITA at SEK 24–24.1 million and a margin of 4.5%, as lower volumes were partially offset by improved gross margin and reduced costs.

• Inission EMS showed slight organic growth and improved profitability, while Enedo/Enedo OEM experienced a significant revenue decline and negative EBITA.

• Major events included the listing on Nasdaq Stockholm Main Market, inauguration of new facilities in Tunis and Borås, and the acquisition of UAB Selteka in Lithuania.

• Profitability appears to have bottomed out, with cost-saving measures and a stable order book expected to drive recovery in the second half of the year.

• Net sales for the last twelve months exceeded SEK 2 billion, with EBITDA at SEK 88 million and a margin of 4.4%.

Financial highlights

• Order intake rose to SEK 516.9 million from SEK 422.1 million year-over-year.

• EBITDA for the quarter was SEK 24–45.4 million, down from last year, with EPS stable at SEK 0.6.

• Cost reductions achieved: personnel and other costs down NOK 8.4 million, depreciation slightly lower.

• Cash flow from operations improved to SEK 39.6 million from SEK -3.6 million.

• Net debt to EBITDA ratio increased to 2.9 after acquisition financing, with equity ratio at 36.2%.

Outlook and guidance

• Recovery expected in H2, supported by a stable order book and cost-saving programs targeting annual savings of SEK 50 million.

• EMS segment expected to reach EBITDA targets; Enedo/Enedo OEM may see two more quarters of lower sales before returning to growth in H1 2026.

• Guidance for 2024 includes contribution from the Celtica/Selteka acquisition, with SEK 75 million revenue and 6% EBITDA margin expected in H2.

• Long-term targets: annual growth of 10% organic, 5% via acquisitions, and 9% EBITDA margin.

• Uncertainty remains regarding sales development in H2 2025 due to market turbulence and order timing.