Lyckegård Group (LYGRD) Q3 2024 earnings summary

Executive summary

• Net sales for January–September increased 9% year-over-year to 144.6 MSEK, but EBIT fell to -10.0 MSEK from -4.6 MSEK due to higher depreciation and one-time items.

• Q3 was challenging with net sales down 38% year-over-year to 29.9 MSEK, but EBIT improved to -2.9 MSEK from -5.3 MSEK.

• The group now consists of three core subsidiaries after divesting Soil & Seed in March 2024.

• Order books for 2025 are strong, and management is optimistic about next year.

Financial highlights

• Q3 net sales: 29.9 MSEK (48.1 MSEK in Q3 2023); Q3 EBIT: -2.9 MSEK (-5.3 MSEK); Q3 cash flow: -3.2 MSEK (-9.6 MSEK).

• Jan–Sep net sales: 144.6 MSEK (132.1 MSEK); EBIT: -10.0 MSEK (-4.6 MSEK); cash flow: -2.0 MSEK (1.8 MSEK).

• Adjusted EBITDA for Jan–Sep: 8.0 MSEK (6.7 MSEK), excluding non-recurring items.

• Net result before tax for Jan–Sep: -52.3 MSEK, impacted by -38.6 MSEK from group company share results in Q1.

• Equity at period end: 24.1 MSEK (92.5 MSEK); cash: 0.9 MSEK (5.5 MSEK).

Outlook and guidance

• Q4 started strongly with high activity and increased quoting; management expects a strong year-end.

• Several large irrigation projects postponed to 2025, but optimism remains for future participation.

• The irrigation market in Europe is expected to grow 17% annually until 2036.