Premium Snacks Nordic (SNX) Q2 2024 earnings summary

Executive summary

• Sales grew 26% year-over-year in Q2 2024, marking the fourth consecutive record quarter.

• EBITA margin improved to 4.1% from -1.3% a year ago, with rolling 12-month EBITA at 18 MSEK.

• Growth driven by all product segments, with Exotic Snacks bags up 38% and Gårdschips up 29%.

• Export sales rose 25%, notably in Denmark and Germany, supported by new retail customers.

• Bruttomarginalen (gross margin) increased to 41.8% from 39.3% year-over-year.

Financial highlights

• Q2 net sales: 114 MSEK (up from 91 MSEK in Q2 2023); rolling 12-month sales exceed 400 MSEK.

• EBITDA: 7.6 MSEK (1.3 MSEK); EBITA: 4.7 MSEK (-1.2 MSEK); pre-tax profit: 3.2 MSEK (-2.6 MSEK).

• Net profit: 2.9 MSEK (-2.6 MSEK); EPS: 0.22 SEK (-0.20 SEK).

• Operating cash flow: 3.4 MSEK (4.6 MSEK); cash after investments and financing: -0.5 MSEK (0.1 MSEK).

• Equity: 64.3 MSEK (54.1 MSEK); equity per share: 4.85 SEK (4.08 SEK).

Outlook and guidance

• Full-year 2024 guidance reaffirmed: net sales above 425 MSEK, EBITA margin 4–5%, EBITDA margin 7–8%.

• Management expects continued strong sales and profitability, with price increases to offset raw material cost inflation.