Kopparbergs (KOBR) Q2 2024 earnings summary

Executive summary

• Net sales for H1 2024 increased to 1,214.6 MSEK from 1,163.2 MSEK year-over-year, with Q2 sales stable at 733.6 MSEK compared to 733.8 MSEK last year.

• EBITDA for H1 was 152.0 MSEK, slightly down from 153.5 MSEK; Q2 EBITDA was 107.7 MSEK versus 109.4 MSEK.

• EPS for H1 rose to 4.83 SEK from 4.50 SEK; Q2 EPS was 3.27 SEK, down from 3.47 SEK.

• Positive start to new UK distribution agreement with Budweiser Brewing Group, expected to boost pub and restaurant presence.

Financial highlights

• H1 net income increased to 99.6 MSEK from 92.8 MSEK year-over-year.

• Q2 net income was 67.3 MSEK, down from 71.5 MSEK year-over-year.

• H1 operating income reached 119.6 MSEK, up from 117.7 MSEK.

• Cash flow from operations for H1 was 67.8 MSEK, with cash and equivalents at 50.1 MSEK at period end.

• Investments totaled 56.5 MSEK in H1, mainly in tangible assets.

Outlook and guidance

• Optimism for UK market growth due to new distribution partnership, aiming for increased pub installations.

• Key tourist markets in Southern Europe and Australia show positive sales trends.

• Swedish market sales remain stable; Horeca segment saw a 4% decline due to poor early summer weather.