VO2 Cap (VO2) Q4 2024 earnings summary

Executive summary

• 2024 marked a year of stabilization and strategic transformation, with focus on operational optimization and long-term profitability.

• Revenue remained stable at 345,372 KSEK (344,968 KSEK), while significant non-cash impairments impacted net results.

• Efficiency measures led to improved adjusted EBITDA margins, surpassing long-term targets in Q4.

Financial highlights

• Q4 revenue was 96,193 KSEK, down 2.7% year-over-year; full-year revenue up 0.1% to 345,372 KSEK.

• Q4 EBITDA rose to 26,471 KSEK (22,904 KSEK); adjusted EBITDA nearly doubled to 8,283 KSEK.

• Full-year EBITDA was 51,803 KSEK (55,312 KSEK); adjusted EBITDA increased 49% to 23,079 KSEK.

• Net result for 2024 was -52,078 KSEK (5,563 KSEK), mainly due to goodwill and trademark impairments.

• Cash flow from operations improved to 5,920 KSEK (10,171 KSEK); total cash flow -14,702 KSEK.

Outlook and guidance

• All group companies are well positioned for 2025, with a continued focus on organic growth, synergies, and cost efficiency.

• Active acquisition agenda remains, aiming for further value-adding deals in the coming year.

• Long-term targets: 1 billion SEK revenue and at least 8% EBITDA margin by 2026.