HomeMaid (HOME) Q2 2024 earnings summary

Executive summary

• Revenue grew 19.4% to 126,383 kkr in Q2 2024, with EBITDA up 52.6% to 12,040 kkr and EBITA margin improving to 6.3% from 4.0% year-over-year.

• Growth for HomeMaid AB was organic at 6.6%, while TopStäd and KS Städ & Fönsterputs saw declines due to weaker demand in property and construction sectors.

• Group EBITA for H1 2024 reached 14,524 kkr, up from 10,676 kkr, with a margin of 5.9% versus 5.2% last year.

• The group is on track with its plan for H1 2024 and aims to complete 1-2 acquisitions during the year.

Financial highlights

• Q2 2024 revenue: 126,383 kkr (up 19.4% year-over-year); H1 2024 revenue: 244,307 kkr (up 18.0%).

• Q2 2024 EBITDA: 12,040 kkr (margin 9.5%); EBITA: 7,992 kkr (margin 6.3%); EBIT: 6,862 kkr (margin 5.4%).

• H1 2024 EBITDA: 22,523 kkr (margin 9.2%); EBITA: 14,524 kkr (margin 5.9%); EBIT: 12,483 kkr (margin 5.1%).

• Q2 2024 EPS: 0.24 kr (0.11 kr last year); H1 2024 EPS: 0.43 kr (0.31 kr last year).

• Operating cash flow after working capital in Q2: 7,513 kkr (down from 12,629 kkr); H1: 17,881 kkr (up from 16,540 kkr).

Outlook and guidance

• Management expects continued strong growth in RUT and corporate cleaning through organic expansion and acquisitions.

• The group is well positioned for further growth with improved margins following development initiatives.

• 1-2 acquisitions are targeted for completion in 2024.