Calviks (CALVIK) Q3 2024 earnings summary

Executive summary

• Achieved strong and profitable growth in Q3 2024, with significant market share gains and 21.5% organic growth in the quarter, mainly driven by consulting in infrastructure and defense sectors.

• Integration of acquired companies is generating synergies; continued focus on acquisitions to strengthen the group’s offering.

• Strategic partnership with Nordea Bank Abp for refinancing, expected to save ~1 MSEK annually and improve liquidity management.

• Business model is relatively resilient to economic cycles due to specialization in infrastructure, community building, and defense.

Financial highlights

• Q3 2024 net sales: 107,542 TSEK (up 463% year-over-year); EBITDA: 7,665 TSEK (up 193%); operating income: 6,413 TSEK (up 254%).

• Nine months 2024 net sales: 286,761 TSEK (up 426%); EBITDA: 21,895 TSEK (up 129%); operating income: 18,512 TSEK (up 138%).

• Proforma nine months: net sales 310,413 TSEK (up 469%), EBITDA 22,980 TSEK (up 141%), operating income 19,597 TSEK (up 152%).

• Q3 net income: 4,112 TSEK (up 283%); EPS: 0.83 SEK (0.28); nine months net income: 11,779 TSEK (up 140%); EPS: 2.41 SEK (1.33).

• Q3 operating cash flow: 4,379 TSEK; period cash flow: -1,940 TSEK (mainly due to amortization of acquisition debt).

Outlook and guidance

• Financial targets are expected to be achieved ahead of schedule, supported by strong market positions and a clear acquisition agenda.

• Increased customer demand for direct recruitment and higher employment rates anticipated in 2025.