Byggma (BMA) Q3 2024 earnings summary

Executive summary

• Leading Nordic supplier of building product solutions, with #1 market position in boards and beams and growing international presence.

• Operates 7 manufacturing facilities, distributes to all major building materials chains, and employs around 690 people.

• Focus on product innovation, sustainability, and value-added products, with strong brands and a diversified portfolio.

• Despite the lowest construction activity since WWII, maintained profitability through resilient operations and cost discipline.

• Aneta Lighting achieved 22% sales growth and a 10% operating margin in Q3 2024, outperforming a declining market.

Financial highlights

• Q3 2024 sales revenue of NOK 503m, up 7.0% from Q3 2023; YTD 2024 revenue at NOK 1,593m, down from NOK 1,652m YTD 2023.

• Q3 2024 adjusted operating profit of NOK 38m (7.6% margin), up from NOK 25m (5.4%) in Q3 2023.

• YTD 2024 adjusted operating profit at NOK 99m, down from NOK 171m YTD 2023.

• Net profit YTD 2024 at NOK -93m, compared to NOK -25m YTD 2023.

• EBITDA YTD 2024 at NOK 164m, down from NOK 238m YTD 2023.

Outlook and guidance

• Revenues from new products like Huntonit Pro Wall and Forestia Premium Ceiling expected to increase in 2024.

• Identified growth avenues include volume growth, product innovation, and M&A, with a vision to reach NOK 3bn in sales.

• Large M&A pipeline with 11 identified targets totaling NOK 17.6bn in revenue.

• Market activity remains subdued, but pent-up demand for housing is expected to drive future growth.

• Investments will target digitization, automation, and sustainability.