Wise Group (WISE) Q2 2024 earnings summary

Executive summary

• Revenue declined 20% year-over-year to SEK 168.7m in Q2 2024, reflecting continued weak demand across all markets, especially in Sweden.

• Adjusted operating result was near break-even for both the quarter and half-year, supported by cost efficiency measures.

• No significant events occurred during or after the quarter.

Financial highlights

• Q2 EBITDA was SEK 2.3m (up from -2.0m), with an EBITDA margin of 1.4% (from -1.0%).

• Operating result (EBIT) was SEK -4.3m (from -9.6m), margin -2.5% (from -4.6%).

• Net result for Q2 was SEK -4.1m (from -8.0m); EPS -0.55 SEK (from -1.08 SEK).

• Cash flow from operations in Q2 was SEK 9.8m (from 6.3m); cash at period end SEK 37.4m (from 88.9m).

• H1 2024 revenue was SEK 352.5m, down 21% year-over-year; EBITDA SEK 11.0m (from 14.3m).

Outlook and guidance

• Management expects continued weak demand, especially in Sweden, with customers postponing hiring decisions until autumn.

• The company is positioned for a market recovery due to ongoing efficiency and cost reduction efforts.