Nilsson Special Vehicles (NILS) Q2 2024 earnings summary

Executive summary

• Net sales for H1 2024 decreased by 7% to 123,566 KSEK compared to the same period last year, mainly due to lower volumes, especially in the funeral vehicle segment impacted by high interest rates.

• EBITDA for H1 2024 was -451 KSEK, down from 4,503 KSEK year-over-year; net result after tax was -2,702 KSEK versus 2,231 KSEK.

• Order intake for H1 2024 was 55 vehicles (95,697 KSEK), with an order backlog of 58 vehicles (101,152 KSEK), both significantly lower than the previous year.

• Cost efficiency measures, including staff reductions, were implemented to address lower volumes.

Financial highlights

• Q2 2024 net sales were 59,454 KSEK, a 15% decrease year-over-year; EBITDA was -1,822 KSEK compared to 3,674 KSEK.

• Q2 2024 net result after tax was -2,937 KSEK, down from 2,506 KSEK in Q2 2023.

• Cash flow from operations for H1 2024 was -7,845 KSEK, but positive at 890 KSEK in Q2.

• Gross margin for H1 2024 was 21%, down 3 percentage points year-over-year; Q2 gross margin was 20%, down 6 points.

• Investments in H1 2024 totaled 0 KSEK, compared to 560 KSEK last year.

Outlook and guidance

• Management is focused on increasing volumes in existing and new markets, participating in trade fairs, and bidding in upcoming procurements.

• Continued cost efficiency and automation initiatives are planned to improve profitability.