Eniro Group (ENRO) Q2 2024 earnings summary

Executive summary

• Q2 2024 saw net sales rise 2% year-over-year to 245 MSEK, with EBITDA at 30 MSEK (0) and an EBITDA margin of 12.3% (0.1%).

• Operating income improved to 12 MSEK from -19 MSEK, and net income reached 5 MSEK compared to -29 MSEK in Q2 2023.

• Strategic partnership with Azerion initiated to accelerate digital transformation and profitability.

• Dividend of 0.04 SEK per share paid in June 2024.

Financial highlights

• H1 2024 net sales totaled 476 MSEK, down 1% year-over-year; EBITDA rose to 50 MSEK (20), with a margin of 10.5% (4.2%).

• Adjusted EBITDA for H1 was 50 MSEK (28); operating income was 16 MSEK (-20).

• Net income for H1 was 10 MSEK (-29); EPS was 0.01 SEK (-0.08).

• Cash flow from operations improved to 47 MSEK (14) for H1.

• Soliditet (equity ratio) at 23.1% (27.7%).

Outlook and guidance

• Management expects continued margin improvements from efficiency programs and cost reductions.

• Market remains challenging due to macroeconomic and geopolitical uncertainty, but stabilization is seen in customer bankruptcies.

• Long-term industry trends are stable, with growth expected despite short-term unpredictability.