SolTech Energy (SOLT) Q3 2024 earnings summary

Executive summary

• Net sales for Q3 2024 were 608.3 MSEK, down 18% year-over-year, with organic growth at -18%.

• EBITDA improved to 86.1 MSEK (14.2% margin), up from 32.8 MSEK (4.4%) in Q3 2023.

• Net result for the quarter was -34.6 MSEK, with EPS at -0.26 SEK.

• Solpark Ramsjöholm (11 MW) was commissioned and later divested after the period.

• Market conditions remain challenging, especially in the Netherlands and Spain, but Swedish solar segment showed sequential improvement.

Financial highlights

• Q3 net sales: 608.3 MSEK (741.0 MSEK in Q3 2023); YTD: 1,741.6 MSEK (2,163.8 MSEK in 2023).

• EBITDA Q3: 86.1 MSEK (32.8 MSEK); YTD: 135.6 MSEK (71.8 MSEK).

• EBITA Q3: 70.4 MSEK (18.9 MSEK); YTD: 89.6 MSEK (34.1 MSEK).

• Net result Q3: -34.6 MSEK (-1.3 MSEK); YTD: -60.6 MSEK (-45.6 MSEK).

• Operating cash flow Q3: -73.1 MSEK (-100.5 MSEK); YTD: -9.1 MSEK (-100.2 MSEK).

Outlook and guidance

• Management expects continued long-term growth in solar energy, supported by EU regulations and increased demand for energy storage.

• Swedish solar segment shows positive demand trend compared to Q2 2024.

• Cost-saving measures and organizational adjustments are ongoing, with full effects expected in coming quarters.