VO2 Cap (VO2) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 increased by 1.3% year-over-year to SEK 92.97m, with growth in three of four segments; H1 revenue slightly declined by 0.5% to SEK 170.43m.

• Adjusted EBITDA for Q2 rose to SEK 5.84m (from SEK 1.62m), with margin improving to 6.3% (from 1.8%).

• Agency segment faced a challenging market but improved profitability; DOOH and AdTech segments showed strong growth.

• Net result for Q2 was SEK -1.80m (Q2 2023: SEK 4.60m); H1 net result was SEK -5.36m (H1 2023: SEK 3.39m).

• Cash flow from operations in H1 improved to SEK 9.19m (H1 2023: SEK 4.59m); total cash flow for H1 was SEK -2.83m.

Financial highlights

• Q2 revenue: SEK 92.97m (+1.3% y/y); H1 revenue: SEK 170.43m (-0.5% y/y).

• Q2 EBITDA: SEK 5.84m (Q2 2023: SEK 8.78m); adjusted EBITDA: SEK 5.84m (Q2 2023: SEK 1.62m).

• Q2 EBIT: SEK 0.29m (Q2 2023: SEK 3.05m); H1 EBIT: SEK -2.34m (H1 2023: SEK 3.65m).

• Q2 net result: SEK -1.80m (Q2 2023: SEK 4.60m); H1 net result: SEK -5.36m (H1 2023: SEK 3.39m).

• Q2 operating cash flow: SEK 8.84m (Q2 2023: SEK 15.78m); H1: SEK 9.19m (H1 2023: SEK 4.59m).

Outlook and guidance

• Management expects a brighter H2 2024, with Q3 and Q4 being the most important quarters for the agency market.

• Continued focus on profitable growth, cash flow, and selective acquisitions.