Tulikivi (TULAV) Q2 2024 earnings summary

Executive summary

• Net sales for H1 2024 were EUR 17.8 million, down 32.5% year-over-year, with operating profit at EUR 1.1 million, down 69.8% from H1 2023.

• Profitability remained satisfactory due to strong exports, cost control, and efficiency measures despite lower sales.

• Strategic projects advanced, including expansion in Central Europe, new sauna heater launches, and progress on the Suomussalmi talc project.

Financial highlights

• Q2 2024 net sales were EUR 9.3 million, down 30% from Q2 2023; operating profit was EUR 0.8 million, down 66.9%.

• H1 2024 profit before tax was EUR 0.7 million, down 78.9% year-over-year.

• Earnings per share for H1 2024 were EUR 0.01, compared to EUR 0.04 in H1 2023.

• Net cash flow from operating activities was EUR 0.8 million in H1 2024, compared to EUR 1.8 million in H1 2023.

• Order book at period end was EUR 3.5 million, down from EUR 13.9 million a year earlier.

Outlook and guidance

• 2024 net sales expected between EUR 37–44 million; comparable operating profit forecast at EUR 3–5 million.

• Long-term target to exceed EUR 50 million in net sales by end of 2026, with new products contributing 30%.