Samtrygg Group (SAMT) Q2 2024 earnings summary

Executive summary

• Q2 2024 saw continued growth, with total revenues rising 30% year-over-year to 118.8 MSEK and sales revenues up 9% to 15.4 MSEK.

• EBITDA improved to 1.7 MSEK from 0.5 MSEK in Q2 2023, highlighting stronger underlying profitability.

• The acquisition of Be Resident influenced all key metrics, especially through a one-time revenue adjustment in Q1.

• New value-added services and an updated rental insurance package were launched, enhancing customer offerings.

Financial highlights

• Total revenues for Q2 2024: 118.8 MSEK (91.7 MSEK Q2 2023); Q1–Q2 2024: 254.1 MSEK (182.8 MSEK Q1–Q2 2023).

• Sales revenues for Q2 2024: 15.4 MSEK (14.1 MSEK Q2 2023); Q1–Q2 2024: 34.6 MSEK (27.4 MSEK Q1–Q2 2023).

• EBITDA for Q2 2024: 1.7 MSEK (0.5 MSEK Q2 2023); Q1–Q2 2024: 5.7 MSEK (1.1 MSEK Q1–Q2 2023).

• Net income for Q2 2024: 0.3 MSEK (0.0 MSEK Q2 2023); EPS: 0.026 SEK (0.001 SEK Q2 2023).

• Cash and cash equivalents at period end: 5.6 MSEK (10.1 MSEK previous year-end).

Outlook and guidance

• Focus remains on scaling the P2P business and developing sustainable alternatives for the B2B segment.

• New value-added services are expected to increase customer lifetime value and profitability.

• The company sees significant growth potential in the Swedish rental market, with a large addressable market and ongoing housing shortage.