Hernö Gin (HERNO) Q2 2024 earnings summary

Executive summary

• Q2 2024 saw increased net sales and a positive result, driven by growth in the Swedish market and border trade, as well as enhanced visibility from a share issue and Nasdaq First North listing.

• Visitor operations and gin sales both contributed to growth, with visitor revenue up 5% and gin bottle sales up 16% year-over-year.

• The company received several international awards, reinforcing its brand and product quality.

Financial highlights

• Net sales for Q2 2024 reached 18.2 MSEK, up 4% from 17.5 MSEK in Q2 2023; year-to-date net sales rose 5% to 29.1 MSEK.

• Quarterly net income was 6.2 MSEK, a 2% increase year-over-year; year-to-date net income was 7.4 MSEK, up 3%.

• EBITDA for Q2 2024 was 6.5 MSEK, unchanged from Q2 2023.

• 120,358 bottles of gin sold in Q2 2024, up 16% from Q2 2023.

• Visitor operations generated 4.0 MSEK in Q2 2024, up 5% year-over-year.

Outlook and guidance

• Entering the autumn with strong momentum and energy, aiming for continued growth and increased brand awareness in Sweden and internationally.