Cambi (CAMBI) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached NOK 277 million, up 18% year-over-year, with EBITDA at NOK 68 million and a 25% margin, reflecting strong profitability and steady project execution.

• Order backlog stands robust at NOK 1.3 billion, with 15 ongoing construction projects at quarter-end, providing stability and visibility for future quarters.

• Leadership changes include Per Lillebø as CEO and Andreas Mørk as Chair, ensuring continuity and strategic focus.

• Ambition to pay out 60%-80% of net profits as dividends for FY 2024.

• New visual identity and website launched to strengthen brand recognition.

Financial highlights

• Revenue increased to NOK 277 million from NOK 235 million year-over-year, but down from NOK 306 million in Q2 2024.

• EBITDA was NOK 68 million, slightly down from NOK 70 million last year due to higher operating expenses.

• Gross margin improved to 57%, driven by project mix and currency effects.

• Net profit for Q3 2024 was NOK 43 million, down from NOK 70.5 million in Q3 2023.

• Operational cash flow was negative NOK 79 million, mainly due to timing of milestone payments.

Outlook and guidance

• Strong outlook with increasing interest in solutions across multiple regions, high activity in proposals and sales, and growing teams in priority markets.

• UK market expected to see significant investment in the AMP8 cycle starting January 2025, with budgets up 73% from AMP7, positioning the company for new contract wins.

• Cambi is pursuing organic growth and evaluating strategic acquisitions to enhance global leadership.

• Financial outlook influenced by project execution schedules, currency fluctuations, and geopolitical factors.