Momentum Group (MMGR) Q2 2024 earnings summary

Executive summary

• Revenue grew 41% year-over-year in Q2 2024 to SEK 773 million, with 1% organic growth and strong acquisition contributions, despite economic uncertainty and cautious customer behavior in the Nordic region.

• EBITA increased 35% to SEK 88 million (margin 11.4%), and profit for the quarter rose 26% to SEK 54 million; EPS up 17% to SEK 1.05.

• Seven acquisitions year-to-date added SEK 250 million in annual revenue, supporting both revenue and profit growth, and expanding into new segments such as power generation and defense.

• The business climate in the Nordic region remained stable overall, though some segments saw lower activity and sector-specific demand shifts.

Financial highlights

• Q2 revenue reached SEK 773 million, with SEK 208 million contributed by acquisitions; comparable unit growth was 1%.

• EBITA rose 35% to SEK 88 million (margin 11.4%), and operating profit increased 31% to SEK 77 million (margin 10%).

• Profit after financial items was SEK 70 million, with EPS up 17% to SEK 1.05 for the quarter; net profit up 26% to SEK 54 million.

• For Jan–Jun 2024, revenue increased 36% to SEK 1,434 million, EBITA up 30% to SEK 163 million, and net profit up 14% to SEK 97 million.

Outlook and guidance

• Continued focus on organic and acquired growth, leveraging group expertise and a decentralized model, with stable business climate expected.

• Challenging international security, high interest rates, and cautious customer sentiment may result in a sluggish market.