Nord Insuretech Group (NORDIG) Q2 2024 earnings summary

Executive summary

• 2024 marked a year of restructuring, with the Digisure acquisition nearing completion and a new combined strategy being formed.

• Results were heavily impacted by write-downs and one-off restructuring costs, but underlying sales and future revenue potential show a positive trend.

• Insurance sales through the IaaS solution increased significantly, with Instabank building a strong portfolio.

Financial highlights

• Net revenue for H1 2024 was 2,310 TSEK, down from 4,650 TSEK in H1 2023.

• New insurance premium sales reached 4,024 TSEK; insurance portfolio at June 30 was 4,132 TSEK.

• Adjusted EBITDA (excluding one-offs) was -7,560 TSEK; extraordinary one-off costs totaled 2,466 TSEK.

• Net result after tax was -20,080 TSEK, including 10,900 TSEK in write-downs and one-off costs.

• Earnings per share was -0.08 SEK, compared to -0.04 SEK in H1 2023.

Outlook and guidance

• The company expects the combined IaaS and SaaS strategy to provide a stable foundation for long-term growth and value creation.

• Launch of the SaaS platform as a separate business unit is expected to generate significant future revenues.

• Further capital raising is planned for autumn 2024 to support strategic initiatives.