Bong (BONG) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 decreased to SEK 456 million from SEK 497 million year-over-year; for H1 2024, net sales were SEK 964 million, down from SEK 1,072 million year-over-year.

• Operating profit before depreciation (EBITDA) increased slightly to SEK 30 million in Q2 and SEK 69 million for H1 2024.

• Operating profit (EBIT) remained flat at SEK 10 million in Q2 and decreased to SEK 29 million for H1 2024.

• Earnings after tax were negative: SEK -3 million in Q2 and SEK -2 million for H1 2024.

• The company continues its strategic shift toward light packaging, with new contracts and product launches supporting future growth.

Financial highlights

• Q2 2024 net sales: SEK 456 million (down from SEK 497 million in Q2 2023).

• H1 2024 net sales: SEK 964 million (down from SEK 1,072 million in H1 2023).

• Q2 2024 EBITDA: SEK 30 million (up from SEK 29 million); H1 2024 EBITDA: SEK 69 million (up from SEK 68 million).

• Q2 2024 EBIT: SEK 10 million (flat year-over-year); H1 2024 EBIT: SEK 29 million (down from SEK 32 million).

• Q2 2024 earnings per share: SEK -0.02 (unchanged); H1 2024: SEK -0.01 (down from SEK 0.02).

• Cash flow from operating activities: SEK -19 million in Q2 (down from SEK -3 million); SEK 40 million for H1 (up from SEK 20 million).

Outlook and guidance

• Management expects improved economic conditions in Q4 2024 after the European summer break.

• The company anticipates continued positive momentum in light packaging sales in H2 2024, supported by new contracts and product launches.

• Strategic focus remains on increasing the share of light packaging to 50% of total sales and maintaining a leading position in the envelope market.