Beerenberg (BBERG) Q3 2024 earnings summary

Executive summary

• Revenue grew 38% year-over-year to MNOK 802 in Q3 2024, driven by strong activity, especially in Advanced Solutions and Services segments.

• EBITDA increased to MNOK 72 (9.0% margin), up from MNOK 41 (7.0%) in Q3 2023; margin impacted by startup costs on new projects.

• Net profit reached MNOK 36, reversing a net loss of MNOK 7 in Q3 2023.

• Order backlog rose to BNOK 9.7 from BNOK 7.0 year-over-year, though order intake for the quarter was lower at MNOK 100.

• Altrad Investment Authority S.A.S. secured 96% ownership, triggering a compulsory acquisition process.

Financial highlights

• Year-to-date revenue up 30% compared to last year.

• Financial costs dropped to MNOK 8 from MNOK 29, as prior year included early bond redemption fees.

• Net interest-bearing debt reduced to MNOK 407 from MNOK 606 year-over-year.

• Cash position at quarter-end was MNOK 77, slightly down from MNOK 82 last year.

• Total assets increased to MNOK 2,055, with an equity ratio of 43%.

Outlook and guidance

• Capex for full year 2024 expected to be around MNOK 100, in line with previous guidance.

• Stable and high tender activity across all business areas, with continued focus on robotics and mechanical projects.