SolTech Energy (SOLT) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 were SEK 620.2 million, down 16% year-over-year, mainly due to weak consumer demand in all markets.

• EBITDA for Q2 increased to SEK 50.1 million (from SEK 31.8 million), with an EBITDA margin of 8.1%.

• Result for the quarter was SEK 6.1 million, up from SEK -6.2 million in Q2 2023.

• Strategic energy partnership signed with Hylte Paper, valued at over SEK 250 million over 20 years.

• Driftsättning of the Öringe solar park and new contract for mobile charging stations with Boliden.

Financial highlights

• Q2 net sales: SEK 620.2 million (742.6), organic growth -16% year-over-year.

• H1 net sales: SEK 1,133.3 million (1,422.8), organic growth -21%.

• Q2 EBITDA: SEK 50.1 million (31.8), margin 8.1% (4.3%).

• Q2 EBITA: SEK 34.3 million (18.3), margin 5.5% (2.5%).

• Q2 result after tax: SEK 6.1 million (-6.2); EPS: SEK 0.05 (-0.05).

• H1 result after tax: SEK -26.0 million (-46.1); EPS: SEK -0.20 (-0.35).

• Cash flow from operations Q2: SEK 24.0 million (40.9); total cash flow Q2: SEK -68.4 million (42.6).

• Liquidity at period end: SEK 189.9 million (276.6).

Outlook and guidance

• Management expects continued challenges in the consumer solar market due to low electricity prices, high interest rates, and regulatory uncertainty.

• EU requirements for solar on buildings expected to support long-term market growth.

• Focus remains on profitability, efficiency, and leveraging broad business segments for resilience.