Nordic LEVEL Group (LEVEL) Q3 2024 earnings summary

Executive summary

• Net sales for Q3 2024 increased by 4.0% year-over-year to SEK 69.2 million, with organic sales for comparable units down 4.8%.

• Adjusted EBITDA for Q3 was SEK -4.1 million (vs. -1.8 million), and adjusted EBIT was SEK -8.3 million (vs. -5.2 million), impacted by a SEK 4.8 million one-off restructuring cost.

• Net result for Q3 was SEK -13.7 million (vs. -6.1 million), with EPS at SEK -0.07, unchanged from last year.

• Order intake for Q3 rose 62.7% year-over-year to SEK 81.2 million; order backlog at period end was SEK 384.2 million, up 3.2%.

• For Jan–Sep 2024, net sales grew 4.9% to SEK 263.8 million, with organic sales down 1.3%.

Financial highlights

• Adjusted EBITDA for Jan–Sep 2024 was SEK 0.5 million (vs. 8.3 million), and adjusted EBIT was SEK -11.5 million (vs. -1.3 million).

• Reported EBITDA for Jan–Sep was SEK -4.8 million (vs. 8.3 million), and reported EBIT was SEK -21.6 million (vs. -1.3 million), including SEK 5.3 million and SEK 4.8 million in one-off costs.

• Net result for Jan–Sep was SEK -15.3 million (vs. -4.9 million); EPS was SEK -0.08 (vs. -0.11).

• Cash flow from operations for Q3 was SEK -5.4 million before working capital changes, SEK 7.4 million after; total Q3 cash flow was SEK -3.9 million.

• Cash flow for Jan–Sep was SEK -24.8 million (vs. 12.6 million); cash and equivalents at period end were SEK 11.7 million.

Outlook and guidance

• Internal efficiency programs have made previous 2024 targets challenging; improvements expected to show in Q4, with a much better result than Q4 2023.

• Market demand remains strong, as reflected in order intake and backlog.