Triona (TRIONA) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 reached 66.5 MSEK, up 2.1 MSEK year-over-year, driven by increased service revenue, especially in Norway and Finland, despite a decline in product-related sales.

• EBITA for Q2 was 1.9 MSEK, unchanged from last year; EBIT remained negative at -0.4 MSEK.

• The Norwegian business recovered as expected after a weak start to the year, offsetting the impact of a major public sector client loss in late 2023.

• The workforce increased to 200 employees, with higher personnel costs due to headcount and annual salary adjustments.

Financial highlights

• Q2 2024 net sales: 66.5 MSEK (Q2 2023: 64.4 MSEK); EBITA: 1.9 MSEK (1.9); EBIT: -0.4 MSEK (-0.4).

• H1 2024 net sales: 137.6 MSEK (H1 2023: 135.4 MSEK); EBITA: 5.2 MSEK (9.5); EBIT: 0.6 MSEK (5.0).

• EBITA margin for H1: 3.8% (7.0%); EBIT margin: 0.5% (3.7%).

• Cash flow from operations in Q2: 0.4 MSEK (Q2 2023: -5.1 MSEK); H1: 10.5 MSEK (12.5).

• Negative currency effect from NOK depreciation reduced net sales by 0.2 MSEK in Q2 and 0.4 MSEK in H1.

Outlook and guidance

• Several new assignments have started, and Norwegian operations have stabilized after the loss of a major client.

• Order intake was stable but slightly lower than the same period last year.