Bredband2 i Skandinavien (BRE2) Q2 2024 earnings summary

Executive summary

• Net sales for H1 2024 reached SEK 844.3m, up 8.8% year-over-year, with Q2 growth at 9.4%.

• EBIT for H1 2024 was SEK 70.2m, a 37.3% increase compared to H1 2023.

• Customer base expanded to approximately 503,000 broadband customers, up from 456,000 last year.

• Integration of Stockholms Stadsnät AB completed, adding around 40,000 customers.

• Dividend increased to SEK 0.09 per share, totaling SEK 86.1m.

Financial highlights

• Q2 net sales: SEK 429.5m (Q2 2023: SEK 392.7m); H1 net sales: SEK 844.3m (H1 2023: SEK 775.8m).

• Q2 EBIT: SEK 35.1m (Q2 2023: SEK 26.1m); H1 EBIT: SEK 70.2m (H1 2023: SEK 51.1m).

• Q2 EBITDA: SEK 71.1m (Q2 2023: SEK 61.9m); H1 EBITDA: SEK 141.6m (H1 2023: SEK 122.3m).

• H1 net income: SEK 49.0m (H1 2023: SEK 36.0m); EPS: SEK 0.051 (H1 2023: SEK 0.038).

• Cash flow from operations H1: SEK 120.5m (H1 2023: SEK 109.4m); cash position at period end: SEK 127.8m.

Outlook and guidance

• Focus on increased marketing and margin-strengthening activities in H2 2024 to drive growth and profitability.

• Continued organizational changes to accelerate organic growth and competitiveness.

• Ongoing expansion in both private and business segments, with special emphasis on security services.

• Integration of acquired customers completed ahead of schedule, with positive earnings impact.