Second quarter (April–June 2024)

• Net sales increased by 9.6 percent to SEK 790.8 million (721.5), of which organic growth for equivalent units amounted to 2.8 percent.
• EBITA increased by 5.0 percent to SEK 94.3 million (89.8), and the EBITA margin was 11.9 percent (12.4).
• EBIT increased by 5.4 percent to SEK 79.8 million (75.7).
• Cash flow from operating activities amounted to SEK -3.0 million (14.5).
• At the 2024 AGM, Mikael Ericson was elected as the board's new Chairman. In addition, Jonas Söderkvist was recruited as the new CFO and member of Group Management and will assume his role at the end of August 2024.

Period (January–June 2024)

• Net sales increased by 11.1 percent to SEK 1,455.7 million (1310.7), of which organic growth for equivalent units amounted to 0.4 percent.
• EBITA increased by 10.1 percent to SEK 150.0 million (136.3), and the EBITA margin was 10.3 percent (10.4).
• EBIT increased by 10.4 percent and amounted to SEK 121.3 million (109.8).
• Cash flow from operating activities amounted to SEK 36.5 million (68.6).
• The bolt-on acquisitions OVKservice Syd AB and Persiennteamet i Stockholm AB were acquired with combined annual sales of approx. SEK 17 million.

Significant events after the balance sheet date

• Updated financial targets for growth and profitability have been adopted to reflect Novedo's business plan for 2024–2028.
• Novedo intends to convene an EGM to implement a convertible program with an expected SEK 300–500 million volume. Existing earn-out consideration of approx. SEK 150 million is intended to be reinvested in convertible bonds by the affected entrepreneurs.

Per-Johan Dahlgren, President & CEO, comments on the first half of 2024:
Novedo's growth and earnings continue to show stability and positive development. Overall, Novedo has good competitiveness and a good order situation in the three business segments' somewhat varying market climates.

Novedo's net sales increased by 11.1 percent, of which 0.4 percent was organic growth for equivalent units, during the first half-year of 2024 and increased to SEK 2,853.2 million for R12 months at the end of the period. Sales in the Infrastructure segment experienced strong growth during the half-year period, particularly in the second quarter, both as a result of acquisitions and strong organic growth, which is partly due to increasing demand in development, renovation, and redundancy of infrastructure such as transport, electricity and fiber networks, and water and sewage. Sales in Installation & Services showed stable volumes, following good demand in property service and maintenance and energy-related assignments. At the same time, the weaker construction economy dampened sales from new production projects. Despite strong comparative figures, sales in the Industry segment increased during the half-year period, where global disruptions in the supply chain positively impacted the corresponding period last year.

EBITA increased 10.1 percent for the year's first half and increased to SEK 286.0 million for R12 months. The EBITA margin for R12 months amounted to 10.0 percent, which is in line with Novedo's financial targets.

There is still geopolitical uncertainty and a challenging market climate for 2024. However, Novedo sees a stable overall order situation in all segments. Our updated financial targets for growth and profitability demonstrate our ambition to continue to grow in double digits with good profitability.