Movinn (MOVINN) Q3 2024 earnings summary

Executive summary

• Group revenue increased by 13% year-over-year in Q3 2024, with strong performance in Sweden and improved EBITDA margins in both Denmark and Sweden.

• EBITDA rose by 400% compared to the same quarter last year, driven by cost management and strategic decisions.

• Launched Hotel 26 (also referred to as Hotel TwentySix) in Malmö, marking entry into the aparthotel segment and supporting future growth.

• Adjusted full-year guidance downward for Denmark due to underperformance in Odense, while Sweden remains on target.

Financial highlights

• Group Q3 2024 revenue: DKK 23.93 million, up 13% year-over-year; Denmark: DKK 21.5 million (+9.1%), Sweden: DKK 2.43 million (+66.4%).

• Group EBITDA from operations: DKK 1.45 million (6.1% margin), up from DKK 286,000 (1.4%) in Q3 2023.

• Net cash outflow in Q3 2024: -DKK 157,000, a significant improvement from -DKK 2.3 million in Q3 last year; closing cash balance: DKK 4.77 million.

• Average vacancy rate improved to 14.2% from 16.7% year-over-year; Sweden's vacancy was notably low at 4%.

• Revenue per unit increased by 14% to DKK 213,000.

Outlook and guidance

• 2024 group revenue guidance: DKK 89.5–93.5 million (7.1–12.0% growth); Sweden's revenue guidance raised, Denmark's lowered.

• Group EBITDA guidance for 2024 revised to DKK 5.5–7.5 million, down from DKK 8.0–10.0 million.

• EBIT guidance for 2024 adjusted to -DKK 1.0 to 1.0 million.

• Sweden's full-year revenue expected between DKK 7.5–8.5 million, driven by strong demand and Hotel 26's performance.

• Long-term optimism for Odense and continued focus on profitability and strategic growth.