Navigo Invest (NAVIGO) Q4 2024 earnings summary

Executive summary

• Net revenue for Q4 2024 increased by 19% year-over-year to SEK 179.6m, driven by strong performance in Chemgroup.

• Adjusted operating profit for Q4 rose 373% to SEK 24.8m, with a margin of 13.8%.

• Full-year 2024 net revenue reached SEK 606.6m, up 42% from 2023, with adjusted operating margin at 7.5%.

• Group result impacted by SEK 267.2m goodwill impairment, mainly related to Vinga and Geogruppen.

• Net loss after tax for 2024 was SEK -237.9m, compared to a profit of SEK 38.1m in 2023.

Financial highlights

• Q4 EBITDA was SEK 13.3m, up from SEK 7.7m in Q4 2023.

• Q4 result after tax: SEK -243.9m (Q4 2023: SEK -31.9m); full-year: SEK -237.9m (2023: SEK 38.1m).

• Substansvärde per stamaktie at year-end: SEK 8.84, down from SEK 11.55 at end of 2023.

• Group equity at year-end: SEK 1,249.9m (2023: SEK 1,518.7m).

• Cash flow from operations for 2024: SEK -27.3m (2023: SEK 23.4m).

Outlook and guidance

• Chemgroup expected to continue strong growth, leveraging new contracts and synergies.

• Vinga anticipates improved capital markets and new green investment agreements to boost 2025 income.

• CalorMet starts 2025 with strong order intake and lower cost base, supporting a positive outlook.

• Group maintains a financial target of 15% annual return, not achieved in 2024 but remains for 2025.