Inwido (INWI) Q4 2024 earnings summary

Executive summary

• Achieved a return to organic sales growth in Q4 2024 after seven quarters of decline, with total Q4 sales up 7% year-over-year and growth across all business areas; strong order intake and backlog growth.

• Maintained robust profitability with a 12.2% operating EBITDA/EBITA margin in Q4, despite mixed market conditions and restructuring costs.

• Full-year 2024 saw a 6% organic net sales decline and a 10.8% operating EBITDA/EBITA margin, reflecting ongoing market challenges, especially in Eastern Europe.

• Strategic focus on sustainability, innovation, and M&A to drive long-term growth toward the SEK 20 billion target by 2030.

• Board proposes a dividend of SEK 5.50 per share, reflecting strong cash generation and capital structure considerations.

Financial highlights

• Q4 order intake grew 20% (+19% organically), with backlog up 29% to SEK 2.5 billion.

• Q4 net sales increased 7% year-over-year (+5% organically); operating EBITDA/EBITA reached SEK 296 million (12.2% margin, down from 12.7%).

• Full-year profit after tax down 18% to EUR 576 million; EPS down 21% to SEK 9.29.

• Net debt/operating EBITDA at 1.0–1.1x (0.7x ex-IFRS 16), well below the 2.5x target.

• CapEx increased to 4.1% of sales in 2024, with expectations of similar levels ahead.

Outlook and guidance

• Expecting improved market conditions and higher volumes in 2025, especially in Eastern Europe and Finland.

• Anticipate continued margin improvement as volumes recover and efficiency gains materialize.

• M&A activity remains a key growth lever, with active cases in both existing and new geographies, particularly Central Europe.

• EU Green Deal and regulatory changes expected to drive demand from 2026 onward.

• Targeting SEK 20 billion in sales by 2030, supported by organic growth, M&A, and operational efficiency.