Nilsson Special Vehicles (NILS) Q4 2024 earnings summary

Executive summary

• Net sales for 2024 decreased by 16% year-over-year to 223,031 KSEK, mainly due to lower volumes, especially in the funeral car segment, while ambulance sales showed resilience.

• EBITDA for the year was -1,252 KSEK, down from 6,590 KSEK in 2023; net result after tax was -5,029 KSEK compared to 1,915 KSEK last year.

• Significant cost-saving measures, including staff reductions and process digitalization, were implemented but full effects are expected in 2025.

• Order intake for 2024 was 121 vehicles (210,232 KSEK), with a year-end order backlog of 68 vehicles (122,878 KSEK); ambulance orders recovered in Q4.

• The company restored its share capital in Q4 via a conditional shareholder contribution of 2,399 KSEK from On Wheels Mobility.

Financial highlights

• Q4 2024 net sales were 58,336 KSEK, down 23% year-over-year; full-year net sales were 223,031 KSEK, down 16%.

• Q4 EBITDA was 666 KSEK (1,406 KSEK in Q4 2023); full-year EBITDA was -1,252 KSEK (6,590 KSEK in 2023).

• Net result after tax for Q4 was -258 KSEK (248 KSEK in Q4 2023); full-year net result was -5,029 KSEK (1,915 KSEK in 2023).

• Cash flow from operations for 2024 was -5,753 KSEK (15,327 KSEK in 2023); Q4 cash flow from operations was 5,253 KSEK (15,235 KSEK in Q4 2023).

• Year-end cash position was 1,616 KSEK (6,853 KSEK in 2023); check credit utilized at 5,237 KSEK.

Outlook and guidance

• Management expects the effects of cost-saving measures to materialize in 2025 and beyond.

• Focus remains on strengthening the order backlog, especially in the funeral car segment, and continuing automation projects.