Binero Group (BINERO) H1 2024 earnings summary

Executive summary

• Net sales for January–June 2024 reached SEK 204.0m, up from SEK 160.5m year-over-year, driven by the Infrateq acquisition.

• Annual recurring revenue (ARR) as of June 30, 2024, was SEK 291.8m, compared to SEK 246.5m last year.

• The company underwent significant transformation, including a new brand, organizational structure, and leadership changes.

• Cost-saving initiatives are underway, expected to yield over SEK 15m in annual savings.

Financial highlights

• EBITDA for the period was SEK 6.9m (SEK 11.5m), with adjusted EBITDA at SEK 11.1m (SEK 12.8m), excluding one-time items.

• EBIT was SEK -0.3m (SEK 10.5m), impacted by higher costs and restructuring.

• Net income was SEK 12.3m (SEK 14.4m), or SEK 0.11 per share (SEK 0.17).

• Cash flow from operations was SEK 2.0m (SEK 22.5m); cash at period end was SEK 35.8m.

• Extraordinary income of SEK 13.6m from reversal of a previously written-down receivable.

Outlook and guidance

• Management expects continued positive effects from cost savings and increased recurring revenues.

• Focus on organic growth and further acquisitions, leveraging a strengthened financial position.