FM Mattsson Mora Group (FMM-B) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 were SEK 491.7m, down 2.9% year-over-year; EBITA margin declined to 11.0% from 12.7%.

• H1 2024 net sales fell 5.3% to SEK 985.2m; EBITA margin was 10.9% (13.8%).

• Market conditions remain challenging, especially in construction and housing, but the group maintains strong brand positions and continues to invest in product innovation.

Financial highlights

• Q2 EBITA was SEK 54.1m (64.5m); Q2 EPS was SEK 0.80 (0.93).

• H1 EBITA was SEK 107.4m (143.0m); H1 EPS was SEK 1.47 (2.18).

• Q2 gross margin improved to 38.6% (37.7%) due to product mix and cost-effective sourcing.

• Cash flow after investments in H1 was SEK 96.8m (36.4m); net cash position at period end was SEK 102.7m.

Outlook and guidance

• Management expects continued challenging market conditions in coming quarters, with long-term demand supported by renovation and new construction needs.

• No formal financial forecast for 2024 is provided.