Eqva (EQVA) Q3 2024 earnings summary

Executive summary

• Achieved up to 59% year-over-year organic growth and increased profits, driven by volume and margin improvements in the Products, Solutions & Renewables segment.

• Completed strategic acquisitions of Kvinnherad Elektro and Vassnes Group, expanding power and automation capabilities and boosting the order book.

• Robust order book of NOK 757m as of Q3 2024, supporting a positive outlook for continued growth.

• Pro forma reporting includes recent acquisitions to reflect the new group structure.

• High activity in Products, Solutions & Renewables segment drove significant volume and margin growth.

Financial highlights

• Pro forma YTD 2024 revenues reached NOK 935m, up from NOK 602m in the same period last year (+55%).

• YTD EBITDA increased to NOK 79m from NOK 26m last year; EBITDA margin improved to 8.4% from 4.3%.

• Group EBITDA margin improved to 9.3% YTD (from 5.5% YoY); pro forma margin at 8.4% (from 4.3%).

• EPS YTD at NOK 0.6 per share; dividend of NOK 0.2 per share paid YTD.

• Equity ratio at 41% and net interest-bearing debt at NOK 119m as of Q3 2024.

Outlook and guidance

• 2024 pro forma revenue guidance: NOK 1,000–1,200m; EBITDA margin 5–6% (long-term target 7–9%).

• Order book and strong market demand support continued high activity and growth into 2025.

• Management committed to improving profitability and key financial metrics post-acquisitions.

• Full-year sales guidance increased following strong Q3 results.

• Higher sales of flow-through goods expected to boost revenue but lower margins.