Cambi (CAMBI) Q2 2024 earnings summary

Executive summary

• Achieved record Q2 revenue of NOK 306 million, up 29% year-over-year, and highest-ever EBITDA, with rolling 12-month revenue surpassing NOK 1 billion milestone.

• Maintained strong execution on contracts, distributed NOK 160 million in dividends, and sustained healthy EBITDA and profit levels.

• Order backlog stood at NOK 1.5 billion at quarter-end, providing strong visibility for future quarters.

• Cash flow from operations was NOK 91 million in Q2, with no long-term debt and NOK 259 million in bank deposits.

• No new construction contracts in Q2, but several variation orders and small upgrades were secured.

Financial highlights

• Q2 2024 revenue: NOK 306 million (up from NOK 238 million YoY); EBITDA: NOK 82 million (up from NOK 64 million YoY); net profit: NOK 58.3 million.

• Gross margin stable at 53%, with Q2 gross profit at NOK 163.4 million.

• Operational cash flow: NOK 91 million in Q2, significantly up year-over-year.

• Order intake was NOK 63 million, down from NOK 201 million YoY.

• No long-term debt; cash and cash equivalents at NOK 259 million at quarter-end.

Outlook and guidance

• Expect to convert 25% of NOK 1.5 billion backlog into revenue in H2 2024, and 50% in 2025.

• No specific short-term or long-term revenue or margin guidance; focus remains on long-term value creation and organic growth.

• Gross margin pressure anticipated due to increased outsourcing and project mix.

• Tender activity and project pipeline remain high in the US, UK, Europe, and Asia.

• Financial outlook subject to project timelines, currency fluctuations, and geopolitical risks.