High Coast Distillery (HIGHCO) Q4 2024 earnings summary

Executive summary

• Achieved record net sales of 16.2 MSEK in Q4 2024, up from 14.3 MSEK year-over-year; full-year net sales rose 5.9% to 61.1 MSEK.

• EBITDA increased to 5.8 MSEK in Q4 (4.3 MSEK prior year) and 22.4 MSEK for the year (17.3 MSEK prior year).

• Operating income for Q4 was 3.9 MSEK (2.6 MSEK prior year); full-year operating income reached 15.2 MSEK (10.8 MSEK prior year).

• Cash flow improved to 3.4 MSEK in Q4 (1.1 MSEK prior year) and 1.3 MSEK for the year (-4.9 MSEK prior year).

• Result per share for the year was 0.11 SEK (0.15 SEK prior year); Q4 result per share was -1.15 SEK (-0.70 SEK prior year).

Financial highlights

• Net sales from bottles in Q4 were 7.4 MSEK (6.4 MSEK prior year); full-year bottle sales reached 28.6 MSEK (27.2 MSEK prior year).

• Cask sales in Q4 were 6.9 MSEK (6.1 MSEK prior year); full-year cask sales totaled 22.1 MSEK (20.2 MSEK prior year).

• Visitor center sales in Q4 were 1.9 MSEK (2.0 MSEK prior year); full-year visitor sales were 10.5 MSEK (10.4 MSEK prior year).

• Adjusted equity at year-end was 121.2 MSEK (111.9 MSEK prior year); net debt ratio was 23.7% (17.3% prior year).

• Equity ratio at year-end was 46.4% (49.6% prior year).

Outlook and guidance

• Anticipates increased raw material availability and lower input prices for malt and casks.

• New warehouse completed; production rate maintained at 280,000 LPA per year.

• Focus on preparing for increased volumes of mature whisky by 2026 and international expansion.

• Exports expected to drive significant growth from 2027.