Fastator (FASTAT) Q2 2024 earnings summary

Executive summary

• Net loss for Q2 2024 was -110.3 MSEK, with a total loss of -358.3 MSEK for H1 2024, reflecting continued financial challenges and significant negative value changes in property holdings.

• Revenue for H1 2024 was 190.2 MSEK, down from 249.1 MSEK year-over-year, mainly due to divestments and lower property values.

• Major refinancing agreements were reached post-quarter with bondholders, aiming to secure long-term financial stability and avoid forced asset sales.

• Leadership changes included the appointment of Svante Bengtsson as CEO and Anders Mossberg as new principal owner and chairman.

Financial highlights

• Q2 2024 net loss: -110.3 MSEK (Q2 2023: -78.7 MSEK); H1 2024 net loss: -358.3 MSEK (H1 2023: -228.4 MSEK).

• Revenue for H1 2024: 190.2 MSEK (H1 2023: 249.1 MSEK); Q2 2024: 78.7 MSEK (Q2 2023: 116.7 MSEK).

• Value changes in investment properties: -58.3 MSEK (H1 2023: 2.0 MSEK); result from associates and JVs: -6.4 MSEK (H1 2023: -117.2 MSEK).

• Substansvärde (NAV) at June 30, 2024: 491.8 MSEK (Dec 31, 2023: 838.4 MSEK); NAV per share: 6.33 SEK (Dec 31, 2023: 10.79 SEK).

• Earnings per share after dilution: -4.34 SEK (H1 2023: -2.95 SEK).

Outlook and guidance

• Refinancing agreements with bondholders are expected to secure operations and improve financial flexibility, with no cash interest payments until October 2027.

• Management anticipates a period of stabilized debt management and potential recovery in property values as market conditions improve.