Infranord (I) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 increased 6.6% to 1,428 MSEK, driven by stable growth in Sweden, while Norway saw lower volumes and profitability due to a changed project mix.

• Operating profit for Q2 fell sharply to 8 MSEK from 63 MSEK year-over-year, with a margin of 0.6% (4.7%).

• Order intake in Q2 was 1,455 MSEK, down from a historically high 2,706 MSEK last year; order backlog remains strong at 8,626 MSEK.

• Transformation efforts continue, focusing on stability, profitability, and growth.

Financial highlights

• Q2 2024 net sales: 1,428 MSEK (1,339 MSEK in Q2 2023); H1 2024: 2,379 MSEK (2,324 MSEK in H1 2023).

• Q2 operating profit: 8 MSEK (63 MSEK); H1 operating loss: -52 MSEK (profit 48 MSEK).

• Q2 net profit: 2 MSEK (48 MSEK); H1 net loss: -49 MSEK (profit 35 MSEK).

• Q2 cash flow from operations: -99 MSEK (-186 MSEK); H1: 37 MSEK (-161 MSEK).

• Return on equity (LTM): 5.3% (11.9%); equity ratio: 29.8% (34.5%).

Outlook and guidance

• Swedish infrastructure plan prioritizes railway maintenance and upgrades, supporting future opportunities.

• Norwegian market remains stable, with a shift toward reinvestment and maintenance over new builds.

• Procurement volumes for new projects in 2024 expected to match 2023, with 4–5 major tenders.