Söder Sportfiske (SODER) Q2 2024 earnings summary

Executive summary

• Net sales increased by 5.3% to 72.8 MSEK in Q2 2024, with strong 27.7% growth abroad and a slight decline in Sweden at -3.3%.

• Gross margin improved to 40.7%, driven by a favorable product mix and higher share of own brands.

• EBITDA margin rose to 12.3% from 9.1% year-over-year, reflecting operational efficiency gains.

• Result per share increased to 0.68 SEK from 0.44 SEK in Q2 2023.

• The company remains financially strong with a net cash position of 28.5 MSEK after dividend payments.

Financial highlights

• Q2 2024 net sales: 72.8 MSEK (up 5.3% year-over-year); H1 2024: 113.4 MSEK (up 0.7%).

• Gross margin: 40.7% in Q2 (up from 40.0%); H1: 40.2% (up from 39.8%).

• EBITDA: 9.0 MSEK in Q2 (12.3% margin); H1: 7.7 MSEK (6.8% margin).

• EBIT: 7.5 MSEK in Q2 (10.3% margin); H1: 4.8 MSEK (4.2% margin).

• Net result: 5.8 MSEK in Q2; 3.3 MSEK in H1.

Outlook and guidance

• Focus remains on leveraging existing assets and operational improvements rather than acquisitions.

• Management expects continued selectivity in M&A, prioritizing organic growth and efficiency.

• Ongoing investments in brand, logistics, and technical capabilities to support future growth.