Everysport Media Group (EVERY) Q2 2024 earnings summary

Executive summary

• Net sales in Q2 2024 rose 14% year-over-year to SEK 20.8 million, excluding divested operations, driven by Elite Prospects' strong performance.

• Elite Prospects surpassed 25,000 paying subscribers, with a 29% increase in net sales to SEK 11.3 million and record subscriber growth in June.

• Strategic focus on digital, scalable products and international expansion, including a first US sports data contract, is accelerating growth.

• The Group is investing in a new Elite Prospects app, expected to further boost subscriber growth and engagement.

Financial highlights

• Q2 2024 net sales: SEK 20.8 million (up 14% year-over-year, excl. divestments); H1 2024 net sales: SEK 44.5 million (up 17% year-over-year, excl. divestments).

• Q2 adjusted EBITDA: SEK -0.8 million (2.7); Q2 EBITDA: SEK -1.7 million (2.7); Q2 adjusted EBIT: SEK -1.6 million (-3.5); Q2 EBIT: SEK -2.5 million (-10.0).

• Q2 profit after financial items: SEK -0.5 million (-10.0); EPS: SEK -0.06 (-1.65).

• H1 adjusted EBITDA: SEK -1.2 million (7.9); H1 adjusted EBIT: SEK -4.4 million (-7.4); H1 profit after financial items: SEK -1.3 million (-17.6); EPS: SEK -0.20 (-2.95).

• Items affecting comparability in Q2 totaled SEK -1.6 million, mainly from guarantee claims and a reversed shareholder contribution.

Outlook and guidance

• Management expects improved operating profit in the second half of 2024, supported by Elite Prospects' momentum and ongoing investments.

• Increased investments planned to accelerate expansion, particularly in digital products and international markets.