Olvi (OLVAS) Q3 2024 earnings summary

Executive summary

• Renewed strategy in 2024 focused on people, data, and operational efficiency, driving improved profitability and market share retention despite intensified competition and challenging market conditions.

• Strong brands, stable demand, and a warm summer supported performance, especially in non-alcoholic categories.

Financial highlights

• Q3 2024 net sales rose 8.1% to €184.9 million; Jan–Sep net sales up 2.8% to €510.0 million, with sales volume up 0.3% to 775.7 million litres.

• Adjusted EBIT for Q3 increased 45.4% to €29.8 million; Jan–Sep adjusted EBIT up 21.5% to €72.0 million; EBIT up 52.9% year-over-year.

• Earnings per share for Jan–Sep 2024 reached €2.62, up from €1.54 year-over-year.

• Cash flow from operating activities increased by €54 million, with cash and equivalents at €44.4 million.

Outlook and guidance

• Adjusted operating result for 2024 now expected at €78–84 million, raised from previous guidance of €74–80 million.

• Profitability improvements are visible, but further steps are needed to reach pre-COVID levels.

• Economic outlook for the Baltic region and Finland is expected to improve slightly next year.