Skandia GreenPower (SKAND) Q4 2024 earnings summary

Executive summary

• Achieved significant growth and profitability in 2024, driven by acquisitions and organic expansion.

• Integrated Saga Energi, Agva Kraft's customer portfolio, and Motkraft, increasing customer base to 56,476 by year-end.

• EBITDA reached 24.9 MNOK, up 34.5 MNOK from 2023, with net result after tax at 13.6 MNOK, a 27.4 MNOK improvement.

• Operational turnaround and cost reductions from 2023 restructuring contributed to improved results.

Financial highlights

• Consolidated EBITDA for 2024 was 24.9 MNOK, meeting guidance and up from -9.6 MNOK in 2023.

• Net result after tax was 13.6 MNOK, compared to -13.8 MNOK in 2023.

• Operating income (EBIT) was -19.8 MNOK, impacted by significant non-cash impairments and depreciations.

• Net revenue increased to 45.8 MNOK, up 17.4 MNOK year-over-year.

• Cash position at year-end was 58.7 MNOK, with operating cash flow of 22.1 MNOK, up from -92 MNOK in 2023.

Outlook and guidance

• Customer target remains 100,000 by end of 2026; current base is 56,476.

• EBITDA guidance for 2025 reduced to 31 MNOK and net result to 12.7 MNOK due to changing market conditions and cost structure.

• Plans to distribute 90% of net result as dividends or buybacks from H2 2025, contingent on H1 2025 results.

• Conservative income targets set due to regulatory and market uncertainties.