MatvareExpressen (MVE) Q3 2024 earnings summary

Executive summary

• Achieved record revenue in September 2024, with Q3 revenue of NOK 91.1 million, up from NOK 77 million in Q3 2023.

• Continued strong organic growth and customer acquisition across all segments, including the Østland market.

• Secured major contracts with Tønsberg and Kristiansand municipalities, each expected to add up to NOK 30 million in annual revenue.

• Implemented AutoStore automated warehouse system, enhancing operational efficiency and capacity.

Financial highlights

• Q3 2024 revenue: NOK 91,132,992 (up from NOK 77,042,927 in Q3 2023).

• Q3 2024 EBITDA: NOK 1,858,195 (down from NOK 2,098,604 in Q3 2023).

• Q3 2024 result before tax: NOK -1,677,284 (down from NOK 221,107 in Q3 2023).

• Cash position at 30.09.2024: NOK 17.2 million (down from NOK 33.3 million at 31.12.2023).

• Net interest-bearing debt at 30.09.2024: NOK 35.4 million (up from NOK 24.9 million at 31.12.2023).

Outlook and guidance

• Targeting revenue above NOK 400 million for 2024, in line with strategic ambitions.

• Expects positive pre-tax result and new revenue record in Q4 2024 as temporary cost increases from AutoStore implementation subside.

• Anticipates continued volume growth in 2025, driven by new contracts and organic customer growth.