Stockholm Treasury (STHLM) Q2 2024 earnings summary

Executive summary

• Net sales increased 17.8% year-over-year to 7,611 Tkr in Q2 2024, driven by the VREX acquisition, though core Bodyflight units saw lower sales.

• Operating result declined to -680 Tkr from 441 Tkr, impacted by lower sales in Stockholm and Göteborg and one-time costs.

• VREX contributed positively, improving its result by 554 Tkr to 416 Tkr in the quarter.

• Result after tax was -1,055 Tkr compared to 125 Tkr in Q2 2023.

Financial highlights

• Q2 2024 net sales: 7,611 Tkr (6,460 Tkr Q2 2023); H1 2024: 16,426 Tkr (13,855 Tkr H1 2023).

• Q2 operating result: -680 Tkr (441 Tkr Q2 2023); H1: -884 Tkr (1,513 Tkr H1 2023).

• Q2 net result: -1,055 Tkr (125 Tkr Q2 2023); H1: -1,564 Tkr (800 Tkr H1 2023).

• Cash flow for H1: -1,096 Tkr; cash at period end: 79 Tkr.

• Equity ratio: 62% (60% Q2 2023).

Outlook and guidance

• Management expects a stronger sales period in the coming quarter, supported by historical seasonality and anticipated interest rate cuts.

• VREX bookings are robust, with the new location at The Node expected to attract more customers.