Nilsson Special Vehicles (NILS) Q3 2024 earnings summary

Executive summary

• Net sales for Jan–Sep 2024 decreased 13% year-over-year to 164,695 KSEK; Q3 sales fell 27% to 41,129 KSEK.

• EBITDA for Jan–Sep was -1,918 KSEK, down from 5,183 KSEK last year; Q3 EBITDA was -1,467 KSEK.

• Net result after tax for Jan–Sep was -4,771 KSEK, compared to 1,666 KSEK last year; Q3 net result was -2,069 KSEK.

• Order intake and backlog both declined significantly, mainly due to lower demand for funeral vehicles.

• No significant events reported during or after the quarter.

Financial highlights

• Order intake: 66 vehicles (111,772 KSEK) vs. 98 vehicles (138,652 KSEK) last year.

• Order backlog: 45 vehicles (78,950 KSEK) vs. 84 vehicles (115,293 KSEK) last year.

• Cash flow from operations Jan–Sep: -11,006 KSEK vs. -872 KSEK last year.

• Liquidity at Sep 30: 19 KSEK, with check credit utilized at 6,614 KSEK (limit 10,000 KSEK).

• Investments Jan–Sep: 459 KSEK vs. 560 KSEK last year.

Outlook and guidance

• Management expects to deliver the new XC90 hybrid ambulance in H1 2025.

• Efforts ongoing to boost funeral vehicle sales, especially in Germany and new markets.

• Continued focus on cost efficiency and liquidity improvements.