Case Group (CASE) Q2 2024 earnings summary

Executive summary

• Assets under management surpassed 16,000 MSEK for the first time, reaching 16,400 MSEK by June 30, 2024, up 18.9% year-over-year.

• Provisions income rose 20.4% to 39.2 MSEK compared to Q2 2023, with operating income up 275% to 3.0 MSEK.

• Strong demand for Case All Star Småbolag led to a 106% increase in managed capital for the fund during the quarter.

• Integration of Celina's fund business delivered cost synergies, reflected in improved operating results.

Financial highlights

• Provisions income: 39.2 MSEK (Q2), 73.7 MSEK (H1), up 20.4% and 16.6% year-over-year respectively.

• Operating income: 3.0 MSEK (Q2), 3.5 MSEK (H1), with Q2 margin at 17.0% vs 5.8% last year.

• Net income: 2.4 MSEK (Q2), 2.3 MSEK (H1), EPS 0.09 SEK (Q2), 0.07 SEK including convertibles.

• Equity at period end: 274.1 MSEK, cash and equivalents: 37.2 MSEK.

Outlook and guidance

• Continued focus on delivering competitive fund management and long-term value for clients.

• Ongoing review of fund offerings to ensure best-in-class products; further cost efficiencies expected.

• Positive outlook based on organic growth and strategic acquisitions.