SEHED Byggmästargruppen (SEHED) H2 2024 earnings summary

Executive summary

• Delivered strong financial results and improved key metrics despite a weak construction market, with record performance in Gävleborg and Hälsingland regions.

• Achieved positive net cash and financial net position, providing stability through the downturn and ahead of the planned NGM Nordic SME listing.

Financial highlights

• Full-year net sales: 1,722,059 TSEK (down from 1,998,162 TSEK year-over-year).

• EBITDA: 113,341 TSEK (88,478 TSEK), EBITDA margin 6.6% (4.4%).

• EBIT: 88,974 TSEK (66,006 TSEK), EBIT margin 5.2% (3.3%).

• Net income: 69,814 TSEK (50,492 TSEK), EPS: 2.49 SEK (1.80 SEK).

• Operating cash flow: 92,429 TSEK (88,455 TSEK).

• H2 net sales: 773,568 TSEK (974,607 TSEK), EBITDA margin 9.3% (5.9%).

Outlook and guidance

• Board proposes a 60% dividend increase to 0.80 SEK per share for 2024.

• Anticipates increased visibility and financing opportunities following the NGM Nordic SME listing in early 2025.

• Market recovery expected in 2025, especially in renovation and new production segments, driven by energy efficiency needs and EU directives.