IMHO Intermedia House (IMHO) Q2 2024 earnings summary

Executive summary

• Net sales rose 57.9% to 6,556 kSEK for Q2 2024 and 65.5% to 10,945 kSEK for H1 2024 year-over-year, driven by acquisitions and integration of new subsidiaries.

• EBITDA fell to -1,235 kSEK in Q2 (1,277 kSEK last year) and -1,287 kSEK for H1 (668 kSEK), mainly due to lower revenues and higher costs in acquired Danish units.

• Operating result (EBIT) was -3,347 kSEK in Q2 (347 kSEK) and -4,935 kSEK for H1 (-822 kSEK), reflecting integration costs and increased amortization.

• Net result for Q2 was -1,628 kSEK (-21 kSEK) and for H1 -3,656 kSEK (-1,357 kSEK).

• Major acquisitions included Ekström & Garay AB (March) and Historia Group ApS (June), with pro forma H1 net sales at 15,827 kSEK and EBITDA at -970 kSEK.

Financial highlights

• Q2 net sales: 6,556 kSEK (+57.9% YoY); H1: 10,945 kSEK (+65.5% YoY).

• Q2 EBITDA: -1,235 kSEK (1,277 kSEK); H1: -1,287 kSEK (668 kSEK).

• Q2 EBIT: -3,347 kSEK (347 kSEK); H1: -4,935 kSEK (-822 kSEK).

• Q2 net result: -1,628 kSEK (-21 kSEK); H1: -3,656 kSEK (-1,357 kSEK).

• Q2 operating cash flow: -251 kSEK (1,650 kSEK); H1: -276 kSEK (1,114 kSEK).

Outlook and guidance

• Management expects positive effects from integration and cost savings in Denmark to materialize in H2 2024.

• Ongoing focus on acquisitions and organic growth to strengthen Nordic market position.

• Additional financing secured for further expansion, including a 3 mSEK investment from Swiss Nordic Venture Capital AG.