Stille (STIL) Q3 2024 earnings summary

Executive summary

• Net sales in Q3 2024 reached MSEK 127.9, up 82.4% year-over-year, with 7.4% organic growth and significant contribution from the Fehling acquisition.

• Gross margin improved to 51.8% from 46.7% due to operational improvements and favorable geographic mix.

• Operating profit before non-recurring items rose to MSEK 23.4 (11.9), with an operating margin of 18.3%.

• Cash flow from operating activities increased to MSEK 15.2 (7.3), and cash and cash equivalents at period end were MSEK 97.9 (41.2).

• The integration of Fehling is proceeding as planned, supporting growth and product portfolio alignment.

Financial highlights

• Q3 EBITDA before non-recurring items was MSEK 30.2 (15.5), EBITDA margin 23.6% (22.1%).

• Profit after tax for Q3 was MSEK 12.7 (9.7); EPS SEK 1.41 (1.93).

• For Jan–Sep, net sales were MSEK 410.2 (217.6), gross margin 49.8% (44.6%), and operating profit before non-recurring items MSEK 79.4 (34.3).

• Net debt/LTM EBITDA before non-recurring items at 0.2, equity/assets ratio 65.4% (56.4%).

Outlook and guidance

• Revised financial targets: organic growth >10%, EBITDA margin before non-recurring items >25%, net debt/LTM EBITDA <3.

• Management remains confident in continued organic and acquisition-driven growth, with a strong platform for future value-adding acquisitions.