Inwido Ab · OMXSTO:INWI

Inwido Ab — Q1 2024 Earnings Presentation

21 slides from Inwido Ab's earnings presentation, Apr 23, 2024

  1. Slide 1: Q1 report January – March 2024

    Q1 report January – March 2024 Follow our story

  2. Slide 2: This is Inwido

    2 Clear market leader in the Nordic region This is Inwido  Leading window group in Europe  Clear market leader in the Nordic region with strong presence in the UK & Ireland  Net sales of SEK 8.7 billion LTM Q1 2024  Return on Operating Capital 13.7% LTM Q1 2024  Approx. 4,200 employees across 3

  3. Slide 3: Five reasons to invest in Inwido

    Five reasons to invest in Inwido Attractive market driven by green transition Strong position in core geographies Proven stability through economic cycles Scalable e-commerce platform Opportunity to drive European consolidation

  4. Slide 4: Q1 Highlights

    4 Q1 Highlights Resilience in challenging markets  Challenging markets especially within new build, which is on historically low levels  Consumers still hesitant, but with signs of recovery in e-Commerce and Denmark  Volume decline in business units with new build exposure mitigated through effic

  5. Slide 5: Q1 in numbers

    5 Q1 in numbers Resilience in challenging markets  Sales declined by 14% to SEK 1,811 million (2,095), organically -21%  Operating EBITA SEK 91 million (168)  Operating EBITA margin 5.0% (8.0%)  Order intake +1%, -9% adjusted for acquisitions  Order backlog increased by 41% to SEK 2,236 million

  6. Slide 6: Q1 sustainability highlights

    6 Q1 sustainability highlights Resilience in challenging markets  In Q1, the absolute numbers for sustainability show a positive development or remain unchanged, while the unit-related key figures are negatively affected by lower volumes  Key figures for accidents and sick leave continue to develo

  7. Slide 7: Climate targets validated by Science Based Targets initiative

    7 Climate targets validated by Science Based Targets initiative Overall net-zero target:  Commits to reach net-zero GHG emissions across the value chain by 2050 Near-Term Targets:  Commits to reduce absolute scope 1 and 2 GHG emissions 42% by 2030 from a 2022 base year  Commits to reduce absolute

  8. Slide 8: New products

    8 New products Focus on improved energy efficiency and well-being

  9. Slide 9: Q1 2024 in numbers

    Inwido Q1 2024 in numbers

  10. Slide 10: Resilience in challenging markets

    10 Resilience in challenging markets Op EBITA margin of 5.0% and sales decline of 14% (organically -21%) Q1 SEKm 2024 2023 Change LTM Net sales 1 811 2 095 -14% 8 686 Gross margin, % 22.5 23.4 - 25.5 Operating EBITA 91 168 -46% 949 Operating EBITA margin, % 5.0 8.0 - 10.9 EBITA 84 167 -50% 930 EBITA

  11. Slide 11: Sales and order intake above pre-pandemic levels

    11 Sales and order intake above pre-pandemic levels Sales -14% and order intake +1% in the quarter Sales and order intake Q1 (SEKm) 2,500 2,000 1,500 1,000 500 1,443 1,448 1,644 2,073 2,095 1,811 1,572 1,709 1,973 2,527 2,094 2,110 0 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 Report

  12. Slide 12: Sidey Group positively affecting order backlog

    12 Sidey Group positively affecting order backlog Order backlog +41% (excluding acquisitions -13%) Order backlog (SEKm) end of Q1 3,000 2,500 2,000 1,500 1,000 500 1,031 1,471 2,311 1,581 2,236 0 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Or

  13. Slide 13: Normalized seasonality, margin on pre-pandemic level

    13 Normalized seasonality, margin on pre-pandemic level Op EBITA margin of 5% compared to 3.1 - 3.3% in 2019 - 2020 Op EBITA (SEKm) and Op EBITA margin (%) in Q1 200 8.7% 10% 8.0% 9% 7.3% 8% 150 7% 6% 5.0% 100 5% 3.3% 4% 3.1% 3% 50 2% 1% 45 48 121 180 168 91 0 0% 2019 2020 2021 2022 2023 2024

  14. Slide 14: ROOC below the target due to lower results

    14 ROOC below the target due to lower results ROOC of 13.7%, above pre-pandemic level Average Operating Capital (SEKm), and ROOC (%) 7,300 20% 17.9% 17.9% 18.3% 17.6% 17.8% 16.9% 16.8% 18% 6,900 16.4% 16.2% 15.7% 15.4% 16% 14.3% 13.7% 6,500 14% 12.6% 11.5% 12% 6,100 10.3% 10.6% 10% 5,700 8% 5,300 6%

  15. Slide 15: Increased Net Debt vs EBITDA, still headroom for growth

    15 Increased Net Debt vs EBITDA, still headroom for growth Net Debt vs Op EBITDA x1.4 (x0.7) including IFRS 16 Net Debt, Net Debt vs Op EBITDA SEKm 2,000 2.5 1,800 1,600 2.0 1,400 1,200 1.5 1,000 800 1.0 600 400 0.5 200 Net Debt vs Op EBITDA, excl IFRS 16 Net Debt vs Op EBITDA, incl IFRS 16 0 0.0 Ne

  16. Slide 16: Q1 Scandinavia

    16 SEKm, QTD Net sales SEKm, LTM Q1 Scandinavia (Column) (Line) 1 500 6 000 5 000 1 200 Lower volumes in a challenging 900 4 000 market 3 000 600 2 000 300 1 000 External net sales split between 0 0  Continued low activity in the new build market, market segments, LTM Apr-Jun Jul-Sep Oct-Dec Jan-Ma

  17. Slide 17: Q1 Eastern Europe

    17 Net sales Q1 Eastern Europe SEKm, QTD SEKm, LTM (Column) (Line) 3 000 750 Historically low activity in the 600 2 000 450 new build market in Finland 300 1 000 150 External net sales split between 0 0 market segments, LTM  Efficiency measures and cost cutting, while Apr-Jun Jul-Sep Oct-Dec Jan-Ma

  18. Slide 18: Q1 e-Commerce

    18 SEKm, QTD Net sales SEKm, LTM (Column) Q1 e-Commerce (Line) 300 2 000 1 500 Growth in consumer-oriented 200 1 000 online sales 100 500 External net sales split between 0 0 market segments, LTM Apr-Jun Jul-Sep Oct-Dec Jan-Mar  Sales +8%, to SEK 255 million (236) 0% 2022 2023 2024 Net sales LTM 

  19. Slide 19: Q1 Western Europe

    19 SEKm, QTD Net sales SEKm, LTM (Column) (Line) Q1 Western Europe 500 400 1 750 1 500 1 250 Sidey Group delivers despite 300 1 000 750 a challenging market 200 500 100 250 External net sales split between 0 0 market segments, LTM Apr-Jun Jul-Sep Oct-Dec Jan-Mar  Sidey Group is less cyclical than o

  20. Slide 20: Summary & Outlook

    20 Summary & Outlook  Resilience in challenging markets  Historically low activity in the new build segment in Finland and Sweden  Consumers still hesitant, but with signs of recovery in e-Commerce and Denmark  EU’s clear ambition to improve energy-efficiency of buildings create opportunities 

  21. Slide 21: Questions?

    21 Questions? Upcoming events Download or order your copy of the May 16 – Annual General Meeting Annual and Sustainability Report 2023 on inwido.com. July 12 – Q2 report 2024 October 22 – Q3 report 2024 Join our journey on LinkedIn

Inwido — Q1 2024 Earnings Presentation on 6ix