In This Article:
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Adjusted EBITDA (Q4 2024): Increased by 23%.
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EBITDA Margin (Core Business): 9%, up from 5.2% last year.
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Net Sales (Q4 2024): Declined by 3% with organic growth down 5%.
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Cash Flow from Operating Activities (Q4 2024): SEK 1.4 billion, with a cash conversion of 350%.
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Cash Flow from Operating Activities (Full Year 2024): SEK 3.4 billion, with a cash conversion of 148%.
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Net Sales (Full Year 2024): SEK 32 billion, down 5% from last year.
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Adjusted EBITDA (Full Year 2024): SEK 2.3 billion, up 4% from last year.
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Dividend Proposal: SEK 1.35 per share.
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Free Cash Flow per Share (Full Year 2024): SEK 641.
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Net Debt Increase (Q4 2024): SEK 60 million, primarily due to acquisition activities.
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Order Backlog (Construction and Services): SEK 29 billion, excluding Aibel.
Release Date: February 17, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Adjusted EBITDA increased by 23% in Q4 2024, indicating strong operational performance.
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The construction segment showed a significant EBITDA growth of 40% despite a challenging market.
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Cash flow from operating activities remained robust with a cash conversion rate of 350% in the quarter.
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The merger of Knightec and Semcon into the Knightec Group is expected to yield synergies and enhance performance.
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The board proposed an increased dividend to SEK 1.35, reflecting confidence in the company's financial health.
Negative Points
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Net sales declined by 3% in Q4 2024, with organic growth down by 5%, primarily due to the consumer business area.
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The consumer segment faced challenges, with store closures and low margins affecting EBITDA negatively.
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Plantasjen restructuring led to significant one-off costs of over SEK 200 million, impacting overall financial results.
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The industrial services segment experienced a temporary low order intake, affecting future revenue visibility.
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The company faced a weak market environment, with negative organic sales growth across most business areas.
Q & A Highlights
Q: Can you provide more details on the strong EBITDA development in construction and the order backlog for 2025? A: The strong EBITDA in construction is due to our partnering model, which has been enhanced by the acquisition of SSEA Group. This model has led to consistent growth in EBITDA margins. Additionally, having public customers has provided stability. As for the order backlog, it is significantly larger than our annual revenue, but specific details on how much will be realized in 2025 are not available at the moment. - Jonas Wistrom, CEO