Fastator (FASTAT) Q3 2024 earnings summary

Executive summary

• Net loss for Q3 2024 was -44.6 MSEK, a significant improvement from -137.1 MSEK in Q3 2023; nine-month loss widened to -381.5 MSEK from -365.5 MSEK year-over-year.

• Revenue for the first nine months was 256.6 MSEK, down from 360.7 MSEK year-over-year.

• Substantial restructuring of capital structure and refinancing agreements reached with major bondholders to secure ongoing operations.

Financial highlights

• Revenue for Q3 2024 was 64.0 MSEK, down from 106.9 MSEK in Q3 2023; nine-month revenue was 256.6 MSEK (360.7 MSEK prior year).

• Operating loss for Q3 2024 was -134.3 MSEK; nine-month operating loss was -368.6 MSEK.

• Net loss per share for Q3 2024 was -0.57 SEK; for the nine months, -4.91 SEK per share.

• NAV at period end was 435.2 MSEK (838.4 MSEK prior year), or 5.60 SEK per share.

• LTV increased to 78.2% from 69.8% year-over-year.

Outlook and guidance

• Management expects Swedish interest rate cuts to benefit core holdings Företagsparken and Point Properties.

• New bond terms for Fastator and Point Properties expected to be finalized in November, enabling more active management of portfolio companies.