Refine Group (REFINE) Q2 2024 earnings summary

Executive summary

• Net sales increased to 79.1 MSEK in Q2 2024 (72.0), and to 133.7 MSEK for H1 2024 (118.2), reflecting continued improvement in results.

• EBITDA turned positive in Q2 at 2.1 MSEK (-1.1), with H1 EBITDA at -0.4 MSEK (-4.2), showing operational progress.

• Net result after tax improved to -12.2 MSEK in Q2 (-16.0) and -27.5 MSEK for H1 (-28.8), with EPS at -0.18 SEK in Q2 and -0.41 SEK for H1.

• Strategic actions, including a 19 MSEK directed share issue and refinancing, have strengthened the balance sheet and reduced debt.

• Market remains weak, but efficiency measures and focus on profitable business are yielding results.

Financial highlights

• Q2 gross margin was 39% (41%), and H1 gross margin was 41% (42%).

• EBITA (excl. goodwill) reached 1.8 MSEK in Q2 (-1.9) and -0.9 MSEK for H1 (-5.2).

• EBIT for Q2 was -7.7 MSEK (-12.0), and for H1 -19.9 MSEK (-22.6).

• Cash flow from operations in Q2 was 8.4 MSEK, with total cash flow for H1 at -13.1 MSEK (39.8).

• Group cash at period end was 19.1 MSEK (71.3), and equity was 214.2 MSEK (503.7).

Outlook and guidance

• Management sees potential for margin improvement and continued growth as market conditions stabilize.

• Ongoing focus on efficiency, automation, and international expansion to drive future profitability.

• Anticipates improved consumer purchasing power as inflation eases and interest rates fall.