Premium Snacks Nordic (SNX) Q3 2024 earnings summary

Executive summary

• Organic sales growth of 17% in Q3 2024, with net sales rising to 113.8 MSEK from 97.5 MSEK year-over-year.

• EBITA margin improved to 5.6% from 4.1% sequentially; rolling 12-month sales reached 434 MSEK with 17.5 MSEK EBITA (4%).

• Growth driven by packaged nuts (+21.8%) and chips (+29.6%), while loose-weight sales grew 2.8%.

• Potatis shortage negatively impacted EBITA by 1.5 MSEK, but was resolved mid-July.

Financial highlights

• Net sales up 16.8% year-over-year to 113.8 MSEK in Q3; gross margin stable at 42.5%.

• EBITDA at 9.3 MSEK (down 1% year-over-year); EBITA at 6.4 MSEK (down 6.1%).

• Net income after tax was 4.2 MSEK, down 18.4% year-over-year; EPS at 0.32 SEK (down 18.4%).

• Operating cash flow increased to 13 MSEK from 6.4 MSEK year-over-year.

• Equity rose 15.6% to 68.5 MSEK; net debt decreased 12.5% to 36.7 MSEK.

Outlook and guidance

• Full-year 2024 net sales forecast raised to 440–450 MSEK with EBITA margin of 4–5% (EBITDA margin 7–8%).

• Q4 has started strong, especially in exports; new launches in January 2025 expected to sustain high growth.

• Long-term targets: organic sales growth above 10% and EBITA margin of at least 6%.