Eniro Group (ENRO) Q3 2024 earnings summary

Executive summary

• Achieved best quarterly result in six years, with Q3 2024 EBITDA at SEK 50 million (45), marking four consecutive quarters of improved EBITDA year-over-year.

• Efficiency program launched in 2023 continues to drive profitability and cost control, despite challenging Nordic market conditions.

• Strategic partnership with Azerion Group aims to accelerate digital transformation and is expected to yield annual savings of SEK 17 million.

Financial highlights

• Q3 2024 net sales: SEK 235 million (238), down 1% year-over-year; operating result: SEK 32 million (23); net result: SEK 30 million (16); EPS: SEK 0.04 (0.02).

• January–September 2024 net sales: SEK 712 million (719), down 1%; operating result: SEK 48 million (3); net result: SEK 39 million (-13); EPS: SEK 0.05 (-0.04).

• Q3 EBITDA margin improved to 21.4% (18.9); YTD EBITDA margin at 14.1% (9.1).

• Cash flow from current operations in Q3: SEK -3 million (-15); YTD: SEK 45 million (-1).

• Equity ratio at 25.4% (31.8); cash and cash equivalents at SEK 113 million (127).

Outlook and guidance

• Anticipated further interest rate cuts in Sweden expected to support recovery in consumer spending and small business growth.

• Strategic initiatives and digital transformation expected to drive future growth and profitability.