Lammhults Design Group (LAMM) Q4 2024 earnings summary

Executive summary

• Q4 2024 showed a strong underlying business with adjusted operating profit up 64% to 22.9 MSEK and adjusted EBIT margin at 8.8%, despite a weak full-year performance due to a soft start.

• Revenue for Q4 increased 1.2% year-over-year to 261.1 MSEK; order intake rose 4.9% and order backlog was up 14% compared to Q4 2023.

• Both Office Interiors and Library Interiors ended the year with higher volumes, improved profitability, and strong team engagement.

• A restructuring program was initiated, targeting a 30-40 MSEK annual improvement in operating profit by Q4 2025.

Financial highlights

• Full-year 2024 revenue declined 9.1% to 870.9 MSEK; adjusted operating profit was 4.1 MSEK (down from 29.9 MSEK in 2023).

• Net income for 2024 was -89.7 MSEK (2.8 MSEK in 2023); EPS was -10.62 SEK (0.33 SEK in 2023).

• Adjusted EBIT margin for Q4 was 8.8% (5.4% in Q4 2023); for the year, 0.5% (3.1% in 2023).

• Free cash flow including leasing was 33.5 MSEK in Q4 and 1.4 MSEK for the year.

• Board proposes a dividend of 1.00 SEK per share (2.00 SEK previous year).

Outlook and guidance

• The restructuring program is expected to deliver a 30-40 MSEK annual positive effect on operating profit, with full impact in Q4 2025.

• Management remains focused on cost savings, efficiency, and digitalization to support future growth and profitability.