Unlimited Travel Group UTG (UTG) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 increased by 11% year-over-year to SEK 172.4m, driven by acquisitions, more corporate events, and higher prices.

• EBITA for Q2 was SEK -2.2m, down from SEK 2.9m last year, impacted by higher personnel costs, currency effects, and one-off costs.

• Booking position as of July 31 is 17% higher for autumn 2024 and 24% higher for 2025 compared to the previous year.

• Strategic recruitment and IT investments have strengthened the organization and improved booking trends.

Financial highlights

• Q2 2024 revenue: SEK 172.4m (SEK 155.2m Q2 2023); H1 2024 revenue: SEK 329.6m (SEK 296.3m H1 2023).

• Q2 2024 gross margin: 22.1% (24.7% Q2 2023); H1 2024 gross margin: 21.2% (21.6% H1 2023).

• Q2 2024 EBITA: SEK -2.2m (SEK 2.9m Q2 2023); H1 2024 EBITA: SEK -2.6m (SEK 1.2m H1 2023).

• Q2 2024 EPS: SEK -0.19 (SEK 0.21 Q2 2023); H1 2024 EPS: SEK -0.48 (SEK -0.20 H1 2023).

• Net cash at period end: SEK 61.5m (SEK 22.0m Dec 2023), mainly due to customer prepayments.

Outlook and guidance

• Booking position for autumn 2024 is up 17% and for 2025 up 24% year-over-year, indicating a stronger outlook.

• Market optimism is supported by expected economic recovery and interest rate cuts in Sweden.

• Demand for both B2B events and tailored leisure travel remains strong, with normalization of booking patterns.