Scandinavian Enviro Systems (SES) Q2 2024 earnings summary

Executive summary

• Net revenues for Jan–Jun 2024 reached MSEK 116.2, a significant increase from MSEK 7.7 year-over-year.

• Earnings after tax for the half-year were MSEK 61.3, compared to a loss of MSEK -49.7 in the prior year.

• Positive earnings in Q2 and the half-year were mainly due to project income from the Uddevalla plant joint venture.

• Construction of the Uddevalla plant is progressing as planned, with completion expected in late 2025.

• Fredrik Emilson appointed as new CEO.

Financial highlights

• Q2 2024 net revenues: MSEK 58.5 (Q2 2023: MSEK 3.6); Jan–Jun 2024: MSEK 116.2 (Jan–Jun 2023: MSEK 7.7).

• Q2 2024 earnings after tax: MSEK 30.5 (Q2 2023: MSEK -25.3); Jan–Jun 2024: MSEK 61.3 (Jan–Jun 2023: MSEK -49.7).

• Q2 2024 EPS before dilution: SEK 0.04 (Q2 2023: SEK -0.03); Jan–Jun 2024: SEK 0.08 (Jan–Jun 2023: SEK -0.07).

• Cash flow after investments for Jan–Jun 2024: MSEK -58.3 (Jan–Jun 2023: MSEK -56.0).

• Group cash at period end: MSEK 156.2 (Jun 2023: MSEK 329.3).

Outlook and guidance

• Uddevalla plant construction on track for late 2025 completion; equipment installation and commissioning upcoming.

• Future revenues expected to be milestone-based as historical costs for Uddevalla have been fully remunerated.

• Continued focus on productivity improvements at Åsensbruk plant.