Hedera Group (HEGR) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 were 136.3 MSEK, down 20.7% year-over-year, mainly due to a 62% volume drop in Hedera Bemanning.

• Operating result for Q2 was -2.0 MSEK, with a margin of -1.5%, compared to 2.7 MSEK and 1.5% last year.

• Hedera Assistans delivered higher sales and stronger margins, offsetting some sector headwinds.

• Cost-saving measures reduced personnel expenses by 6 MSEK during the year.

Financial highlights

• Q2 EBITDA was -0.8 MSEK (3.8 MSEK last year); adjusted for restructuring costs, EBITDA was 0.1 MSEK.

• Net income for Q2 was -2.9 MSEK (1.6 MSEK last year); EPS before dilution was SEK -0.20 (0.11).

• H1 2024 net sales were 283.2 MSEK, down 15.4% year-over-year; operating result -0.3 MSEK (7.4 MSEK last year).

• H1 EBITDA was 2.2 MSEK (9.7 MSEK last year); adjusted EBITDA 3.1 MSEK.

• Cash flow from operations in H1 was 4.6 MSEK; cash at period end was 11.3 MSEK.

Outlook and guidance

• Management aims to increase the number of continuity consultants, which are favored by regions.

• Ongoing efforts to diversify business lines and advocate for improved reimbursement models in personal assistance.