Dovre Group (DOV1V) Q3 2024 earnings summary

Executive summary

• Q3 2024 net sales rose 19.8% year-over-year to EUR 63.2 million, driven by strong Renewable Energy growth.

• Project Personnel and Consulting segments saw double-digit sales declines, while Renewable Energy surged 72.5%.

• Group EBITDA and operating profit declined 10.5% and 11.6% respectively in Q3 compared to last year.

• For January–September, net sales increased 7.2% to EUR 156.4 million, but EBITDA dropped 98.1% due to a one-time loss.

• Net cash flow from operating activities improved to EUR 1.9 million in Q3 and EUR 1.6 million for the nine months.

Financial highlights

• Q3 EBITDA: EUR 2.6 million (down 10.5% year-over-year); operating profit: EUR 2.4 million (down 11.6%).

• Q3 profit before tax: EUR 1.9 million (down 10.6%); EPS: EUR 0.011 (down 8.4%).

• January–September EBITDA: EUR 0.1 million (down 98.1%); operating result: EUR -0.7 million.

• January–September profit before tax: EUR -1.4 million; EPS: EUR -0.002.

• Net debt at September 30, 2024: EUR 3.0 million; cash and equivalents: EUR 7.2 million.

Outlook and guidance

• 2024 net sales expected between EUR 185–210 million; operating profit (EBIT) expected at EUR 2–4 million.