Mangold (MANG) Q3 2024 earnings summary

Executive summary

• Total income rose 27.4% to SEK 142.2m for Jan–Sep 2024 year-over-year, with a continued recovery and increased share of recurring revenues.

• Result before bonus improved to SEK 11.7m from SEK -19.1m, and period result to SEK -2.3m from SEK -19.3m for Jan–Sep year-over-year.

• Record-high net interest income and lending to the public, with strong performance in Private Banking and improved market conditions for Investment Banking.

• Digital transformation advanced with a new custody system and strategic acquisitions in Nowonomics and Resscapital.

Financial highlights

• Q3 2024 income up 15.2% sequentially to SEK 48.8m; result before bonus SEK 8.1m (Q2: SEK -1.4m); period result SEK -2.3m (Q2: SEK -0.9m).

• Net interest income for Q3 at SEK 9.2m, highest ever, up from SEK 5.3m year-over-year.

• Lending to the public reached SEK 251.7m, a record high, up from SEK 164.0m year-over-year.

• Equity at period end SEK 197.4m (SEK 419.3/share); solidity 17.6%; LCR 216.8%.

• Cash flow for Jan–Sep negative SEK -171.2m, mainly due to increased receivables.

Outlook and guidance

• Management expects a strong finish to the year, supported by high demand, recurring revenues, and ongoing digital and strategic initiatives.