Garpco (GARPCO) Q4 2024 earnings summary

Executive summary

• Net sales increased by 12% to 172,377 tkr in Q4 2024 and by 4% to 640,295 tkr for the full year compared to previous periods.

• EBITDA for Q4 was 7,953 tkr (down from 9,056 tkr), and for the year 39,836 tkr (down from 45,620 tkr).

• Net income after tax was -1,057 tkr in Q4 and 5,494 tkr for the year, both lower than the previous year.

• One-time costs of 1.6 mkr in Q4 and 4.5 mkr for export initiatives in UK/USA impacted results.

• IPO in May 2024 raised 25.4 mkr; B-share listed on NGM Nordic SME.

Financial highlights

• Q4 net sales: 172,377 tkr (+12% YoY); full year: 640,295 tkr (+4% YoY).

• Q4 EBITDA: 7,953 tkr (down from 9,056 tkr); full year EBITDA: 39,836 tkr (down from 45,620 tkr).

• Q4 net income: -1,057 tkr (vs. 181 tkr); full year net income: 5,494 tkr (vs. 12,206 tkr).

• Net debt reduced to 48,759 tkr (from 60,019 tkr); cash increased to 33,967 tkr.

• Proposed dividend: 7 kr per share (previous year: 0 kr).

Outlook and guidance

• Export initiatives in UK and USA expected to become profitable in 2025.

• Structural changes in Interior & Design segment to focus on profitable product lines and new patented products.

• Strong financial position enables pursuit of new business opportunities and acquisitions despite weak domestic construction market.