Q2 2024 Inwido AB (publ) Earnings Call Transcript
Key Points
- Order intake grew by 22% and by 10% organically relative to last year's Q2.
- E-commerce profitability more than doubled, showing strong growth in topline.
- Western Europe, particularly the Irish entity Carlson, booked Inwido's largest order to date.
- Inwido's sustainability efforts received external recognition, including being listed as one of Europe's top 500 Climate Leaders by the Financial Times.
- The company is on track to achieve its goal of doubling in size by 2030, with a strong value proposition and proven performance track record.
- Net sales declined organically by 5% quarter on quarter.
- Operating EBITDA margin declined from 11.6% to 11.3%, partly due to restructuring costs.
- Eastern Europe, especially Finland, faced significant challenges with a 22% decline in sales and a drop in operating EBITDA margin from 13% to 5.5%.
- Net debt in relation to operating EBITDA increased from 0.7 times last year to 1.4 times.
- The new build market remains soft, particularly in Sweden and Finland, impacting overall performance.
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Good morning, and welcome, to this webcast and telephone conference covering Inwido's second quarter and half year performance in 2024. My name is Fredrik Meuller, and since the April 10 this year, I'm the President and CEO of Inwido. Joining me today here in our Malmo, Head Office is also Peter Welin, our group CFO.
Over the past three months, I've had an intense but fun and promising onboarding to our group including visits to many of our sites in Sweden, Norway, Finland, Denmark, Poland, England, and Scotland. I met with a lot of our coworkers and I certainly know more about the window and door business now than I did before.
Above all, I can conclude that Inwido is in a good place. It is well-functioning professional in all aspects, our current activity level is high. And I know there's a lot of smiles on people's faces, which bodes well for what's to come. While many of you are, of course familiar with the Inwido, it may be worth reiterating that our 34 business units
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