Alpcot (ALPCOT) Q2 2024 earnings summary

Executive summary

• Focused on profitable growth, Alpcot saw strong increases in portfolio management volumes, up 48% to 2.5 billion SEK in H1 2024, and significant growth in its own funds, surpassing 1 billion SEK.

• Despite revenue growth in key areas, the company reported a larger net loss due to higher costs and one-time items, with efficiency measures expected to show results in Q3.

Financial highlights

• Q2 2024 provisions income: 22.4 MSEK (20.2), operating income: 9.1 MSEK (11.9), EBITDA: -5.6 MSEK (-4.7), net result: -11.6 MSEK (-8.1), EPS: -0.07 SEK (-0.05).

• H1 2024 provisions income: 46.8 MSEK (40.5), operating income: 17.6 MSEK (33.5), EBITDA: -11.8 MSEK (-7.3), net result: -23.8 MSEK (-4.3), EPS: -0.15 SEK (-0.03).

• Equity at quarter-end: 75.0 MSEK (98.6), equity per share: 0.46 SEK (0.69), solidity: 73% (68%).

• Cash flow Q2: -3.1 MSEK, cash at period end: 9.7 MSEK.

Outlook and guidance

• Efficiency improvements and continued growth are expected to reduce negative results in H2 2024.

• Market uncertainty post-June may impact future performance, but long-term asset growth is expected to generate sustainable income.