Gullberg & Jansson (GJAB) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 was 100.1 MSEK, flat year-over-year; H1 2024 revenue grew 3% to 151.0 MSEK compared to H1 2023.

• EBITDA improved to 9.8 MSEK in Q2 (7.8 MSEK Q2 2023); H1 EBITDA rose to 7.4 MSEK (3.5 MSEK H1 2023).

• Net result after tax for Q2 was 4.9 MSEK (3.8 MSEK Q2 2023); H1 net result was -1.4 MSEK (-2.7 MSEK H1 2023).

• Cost control and restructuring drove margin improvements, though long-term targets remain unmet.

• Cash flow and liquidity strengthened significantly, with cash at 40.5 MSEK (17.5 MSEK June 2023).

Financial highlights

• Q2 EBITDA margin increased to 9.8% (7.7% Q2 2023); H1 EBITDA margin at 4.9% (2.4% H1 2023).

• Q2 operating income was 7.8 MSEK (6.1 MSEK Q2 2023); H1 operating income 3.6 MSEK (0.3 MSEK H1 2023).

• Equity at period end was 136.0 MSEK (146.7 MSEK June 2023); equity per share 15.57 SEK (16.80 SEK).

• Soliditet (equity ratio) at 45% (48% June 2023).

• Cash flow from operations for H1 was 16.2 MSEK (7.2 MSEK H1 2023); Q2 cash flow 14.0 MSEK (9.8 MSEK Q2 2023).

Outlook and guidance

• Focus remains on improving profitability in Home & Outdoor and Professional Green Space segments.

• Energy & Climate segment will continue to require investments, expected to weigh on results short-term.

• No full-year earnings guidance provided.