Tellusgruppen (TELLUS) Q2 2024 earnings summary

Executive summary

• Revenue grew 17.2% to 130.5 MSEK in Q2 2024, with 12.0% organic growth and 5.1% from acquisitions.

• Adjusted EBITDA for Q2 was 4.6 MSEK (3.5% margin), and net result was -4.1 MSEK.

• H1 2024 revenue increased 15.9% to 251.6 MSEK, with 12.4% organic growth.

• Net result for H1 was -17.9 MSEK, impacted by one-off pension and wage costs.

• Company paused new preschool openings to improve profitability, focusing on organic growth and efficiency.

Financial highlights

• Q2 adjusted EBITDA ex. vacation pay liabilities: 9.9 MSEK (vs. 8.4 MSEK prior year).

• H1 adjusted EBITDA: 1.0 MSEK (0.4% margin), ex. vacation pay liabilities: 15.6 MSEK.

• Q2 net investments: 7.9 MSEK; H1 net investments: 8.3 MSEK, mainly for acquisitions.

• Q2 cash flow: 5.1 MSEK; H1 cash flow: 6.7 MSEK.

• Q2 EPS: -0.3 SEK; H1 EPS: -1.3 SEK (both before and after dilution).

Outlook and guidance

• Organic growth expected to continue, with focus on improving occupancy and efficiency in preschools.

• New school project in Enköping to drive growth from autumn 2025.

• Long-term target remains 1 billion SEK in revenue and 7% EBITDA margin.