Condo Nordic (CONDO) Q2 2024 earnings summary

Executive summary

• Listed on Spotlight Stock Market in July 2024, enabling new growth and acquisition opportunities.

• Achieved record June and July sales despite overall Q2 net sales declining 5% year-over-year due to project delays.

• Completed largest project to date, furnishing nearly 100 apartments in Raahe, Finland.

• Reverse acquisition of Condo Finland Oy by Upgrade Invest Nordic AB's subsidiary finalized in March 2024.

Financial highlights

• Q2 2024 net sales: SEK 10.2 million, down 5% from Q2 2023; Jan–Jun 2024 net sales: SEK 14.6 million, down 20% year-over-year.

• Q2 EBITDA: SEK -5.5 million (Q2 2023: SEK 1.7 million); Jan–Jun EBITDA: SEK -6.7 million (Jan–Jun 2023: SEK 2.3 million).

• Q2 result after tax: SEK -6.6 million (Q2 2023: SEK 1.2 million); Jan–Jun result after tax: SEK -8.2 million (Jan–Jun 2023: SEK 1.2 million).

• Listing costs of SEK 5.5 million impacted Q2 results.

• Cash flow from operations before working capital changes: SEK -1.0 million in Q2; operational cash flow: SEK 2.1 million.

Outlook and guidance

• Board expects 2024 total revenue to reach SEK 35–40 million, supported by resumed large projects.

• Cost savings of €10,000 per month expected from organizational and warehouse streamlining.