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OX2 (OX2) investor relations material
OX2 Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2024 featured strong construction and asset management progress, with stable development and greenfield additions of up to 150 MW.
The first battery storage project in Sweden (Bredhälla, 42.5 MW) was sold and handed over, marking diversification in energy storage.
The total portfolio stands at 47 GW, with 33 GW in development and over 4 GW constructed or under construction.
EQT's SEK 60/share cash offer for OX2 reached over 50% acceptance, with regulatory approvals pending and acceptance period open until October 14.
No major acquisitions occurred, but a greenfield project of up to 150 MW was added.
Financial highlights
Net sales for Q2 2024 were SEK 2,233 million, with LTM net sales at SEK 7.3 billion, down 10.8% year-over-year.
Operating margin LTM was 5.5%, and return on capital employed LTM was 9%, both below targets.
Gross margin for Q2 was 10% (impacted by an SEK 86 million impairment), but LTM gross margin was 27%.
Operating income for Q2 was SEK -206 million, with LTM operating income at SEK 427 million (6% of sales).
Cash position at quarter-end was SEK 3,002–3,181 million, with an equity ratio of 57.7%.
Outlook and guidance
Full-year 2024 outlook for improved operating income is reiterated, but uncertainty has increased due to lengthy customer decision processes.
Most 2024 earnings are expected in Q4, with nearly 2 GW in ongoing sales processes.
Personnel and project development cost increases are expected to be below 5% for the full year.
Project development expenses are stabilizing after significant investments in recent years.
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