Nordic Fibreboard (SKN1T) Q2 2024 earnings summary

Executive summary

• Q2 2024 net sales rose 8% year-over-year to €2.18 million, driven by new industrial customers in fibreboard production.

• EBITDA for Q2 2024 was €217 thousand (10% margin), up from €190 thousand (9% margin) in Q2 2023.

• Operating profit reached €86 thousand (4% margin), while net loss widened to €23 thousand due to a €56 thousand loss from revaluation of Trigon Property Development shares.

• Total assets as of 30.06.2024 were €9.3 million, with liabilities at €4.9 million and equity at €4.3 million.

Financial highlights

• Q2 2024 revenue: €2.18 million; 6M 2024 revenue: €4.14 million (down from €4.61 million in 6M 2023).

• Q2 2024 EBITDA: €217 thousand; 6M 2024 EBITDA: €270 thousand.

• Q2 2024 net loss: €23 thousand; 6M 2024 net loss: €96 thousand.

• Return on assets: -1%; return on equity: -2%; debt-to-equity ratio: 53% as of 30.06.2024.

• Basic EPS for Q2 2024: -€0.01; for 6M 2024: -€0.02.

Outlook and guidance

• Economic outlook for H2 2024 remains challenging, with only long-term benefits expected from regional interest rate cuts.

• Focus remains on acquiring new clients and markets, with a growth-oriented strategy emphasizing sales, marketing, and product development.

• Continued emphasis on green and environmentally friendly solutions to meet regulatory and consumer trends.

• Real estate segment to proceed with plans to convert Pärnu property into residential use.