Probi (PROB) Q3 2024 earnings summary

Executive summary

• Q3 2024 net sales were SEK 143.7–144 million, down 7.9–8% year-over-year, with a 5.1% decrease adjusted for currency effects and an EBITDA margin of 20–20.1%.

• Strong customer engagement in APAC, rebranding in the Nordics, and operational improvements in the U.S. were key business highlights.

• New product Probi Sense launched in the Nordics, targeting cognitive function and mental well-being, with supporting research on HEAL9.

• Research collaboration announced to reduce dementia risk, including with Global BHP Brain Trust and FINGERS Brain Health Institute.

• SMETA 4-Pillar audit completed in U.S. operations, reinforcing sustainability and ethical practices.

Financial highlights

• Q3 net sales: SEK 143.7–144 million (down 7.9–8% year-over-year, organic growth -5%).

• EBITDA margin improved to 20–20.1%, up 2 percentage points from last year.

• Net income for Q3 was SEK 3.6–4.0 million, down from SEK 6.4 million in Q3 2023.

• Operating cash flow for the nine-month period was SEK 29–85 million; cash at period end SEK 330–349.4 million.

• Year-to-date CapEx reached SEK 38 million, with investments in manufacturing and R&D.

Outlook and guidance

• Focus remains on driving sales growth, operational improvements, and long-term sustainable success.

• Anticipate increased sales activity and campaigns in the Nordics in Q4 following rebranding and new product launch.

• Continued engagement in APAC despite macroeconomic headwinds, with expectations for improved conditions.

• U.S. market expected to see 2–3% value growth in coming years, per Euromonitor.

• B2C segment aims to leverage new branding in Q4; B2B shows good traction.