Inwido (INWI) Q3 2024 earnings summary

Executive summary

• Order intake and backlog increased for the second consecutive quarter, up 3% year-over-year, with market share gains as some peers struggle.

• Operating EBITA margin improved to 13.4% from 13.2% in Q3 2023, driven by operational efficiency despite lower sales and soft market conditions.

• Strategic acquisition of Artic-Kaihdin in Finland expands presence in sun protection solutions.

• New President & CEO and board member appointed, with a focus on design, energy efficiency, and agile adaptation to lower demand.

• Profitability remained high, with continued investments in efficiency, sustainability, and strategic acquisitions.

Financial highlights

• Q3 2024 net sales: SEK 2,273 million, down 3% year-over-year; operating EBITA: SEK 304 million, down 1%; margin improved to 13.4%.

• January–September 2024 net sales: SEK 6,415 million, down 4%; operating EBITA: SEK 657 million, down 11%.

• Gross margin increased to 27.1% from 26.7% in Q3; YTD gross margin 25.5% (flat year-over-year).

• EPS before dilution for Q3: SEK 3.23 (down 1%); YTD: SEK 6.12 (down 28%).

• Cash flow from operating activities in Q3: SEK 335.7 million, up 2% year-over-year.

Outlook and guidance

• Gradual improvement in market indicators, especially in Denmark and Sweden's consumer segments, but recovery is not yet secured.

• Anticipates further tailwinds from the EU Green Deal and normalization of renovation demand in 2025.

• Efficiency improvements and investments position the group for higher margins as volumes recover.

• Targeting SEK 20 billion in sales by 2030, supported by order intake, market share gains, and operational efficiency.

• Confident outlook for 2025 and 2026, underpinned by positive macro and construction indicators.