Ortelius International (ORTIN) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 increased to 256.5 MSEK from 238.2 MSEK year-over-year, with Q4 revenue up nearly 30% compared to Q4 2023.

• Full-year net income turned positive at 6.1 MSEK versus a loss of -36.4 MSEK in 2023.

• EBITDA improved to -0.6 MSEK for 2024 from -1.6 MSEK in 2023; Q4 EBITDA was -1.9 MSEK, better than -4.4 MSEK in Q4 2023.

• Bruttomarginal for the year was 10.2% (down from 11.4%), but Q4 margin improved to 7.8% from 6.6%.

• Result per share for 2024 was 6.7 SEK, a significant improvement from -80.2 SEK in 2023.

Financial highlights

• Operating income for 2024 was 10.4 MSEK, up from -32.7 MSEK in 2023, driven by a 20 MSEK reversal of previous inventory write-downs.

• Cash flow from operations was 5.1 MSEK for 2024, compared to -5.2 MSEK in 2023.

• Net debt at year-end was 27.9 MSEK, down from 33.8 MSEK a year earlier.

• Cash and equivalents at year-end totaled 4.6 MSEK, up from 4.2 MSEK.

• No dividend proposed for 2024.

Outlook and guidance

• Management expects improved gross margin if additional working capital is secured.

• Q1 and Q2 2025 expected to see a recovery in sales after a slow start due to delayed vehicle deliveries.

• Recent interest rate cuts and removal of malus tax on new motorhomes are expected to boost customer sentiment.