Ctt Systems Ab · OMXSTO:CTT
Ctt Systems Ab — Q2 2025 Earnings Presentation
20 slides from Ctt Systems Ab's earnings presentation, Jul 18, 2025
Slide 1: Earnings Call Q2 2025
HENRIK HÖJER MARKUS BERG CEO CFO EARNINGS CALL Q2 2025 Second Quarter 2025 2025-07-18
Slide 2: Q2 Business Highlights
Q2 Business Highlights 1. Strong order intake in Private jet, amounting to 18 MSEK (1H 2025 Private jet orders total MSEK 31) 2. Higher order intake in OEM with significant delivery ramp-up from Q126 3. Aftermarket rebounded as predicted from the temporary dip in Q1 – MSEK 57 vs 32 2
Slide 3: Q2 2025 Financials in short
Q2 2025 Financials in short -3% ❑ Currency adjusted net sales increased 7% to MSEK 88 – FX offsets sales with MSEK -8 ❑ Reported Net Sales at 80 MSEK (82) – 3% decrease ❑ EBIT margin 23% (38) – 28 % adjusted for one-off costs (tests and FX valuation impact) ❑ EPS 1.19 SEK (1.96) ❑ Operating cash flo
Slide 4: Q2 2025 Net Sales Bridge and Mix
Q2 2025 Net Sales Bridge and Mix The Net Sales bridge from Q224 with MSEK 82 MSEK to Q225 with MSEK 80 is due to: ❑ MSEK 8 in increased revenue in Private jet, ❑ Offset by MSEK 9 in Aftermarket (Q224 tuff comparable quarter due to large orders from distributors) Net Sales increased 7 %, to Net Sales
Slide 5: Q2 2025 Order Intake & Backlog
Q2 2025 Order Intake & Backlog ❑ Order intake: 89 MSEK vs 47 MSEK in Q2 2024, mainly driven by OEM and Private Jet orders ❑ Order backlog at 158 MSEK (38) MSEK MSEK Q224 Q225 Order intake 47 89 Backlog 38 158 USD/SEK 10.61 9.51 5
Slide 6: Q2 2025 EBIT Bridge
Q2 2025 EBIT Bridge ❑ EBIT MSEK 18 (31) – Adjusted EBIT MSEK 22 – One-off costs of MSEK 4 ❑ Positive sales volume increased EBIT with MSEK 4 ❑ Negative sales mix & price resulted in EBIT decrease of MSEK 5 ❑ Negative currency effects lowered EBIT with MSEK 10 ❑ Cost savings initiated MSEK 4 31 -5 18
Slide 7: Q2 2025 Cash Flow
Q2 2025 Cash Flow ❑ Temporary weak operating cash flow ❑ Working capital negative MSEK 13 - Payments of MSEK 8 slipped into Q3 ❑ Dividend MSEK 67 plus variable remuneration MSEK 11 ❑ 2H 2025: Strong operating cash flow >> EBITDA 69 2 7
Slide 8: Q2 2025 Net Debt & ROCE
Q2 2025 Net Debt & ROCE ❑ Net debt amounting to MSEK 35 compared -5 MSEK in Q2 last year ❑ Paid dividend MSEK 67 (109) and variable remuneration MSEK 11 (12) ❑ Cash MSEK 2 and in addition available credit facilities amounting to MSEK 56 ❑ Equity ratio 71% (70%) and Net Debt / (R12 EBITDA) 0.5 (0.0)
Slide 9: YTD 2025 Financials in short
YTD 2025 Financials in short ❑ Net Sales decreased 17% to 134 MSEK (161), currency adjusted -13% ❑ Less Aftermarket in sales mix 66% (80) ❑ EBIT decreased 66% to MSEK 22 (64) ❑ EBIT margin 16% (40) ❑ EPS decreased 62% to 1.48 SEK (3.92) ❑ Operating cashflow amounted to MSEK 8 (42) Net Sales Bridge (
Slide 10: Guidance Q3 2025
Guidance Q3 2025 Quarterly sales 110 The net sales guidance for Q3 is 100 MSEK 70 – 80 (57 in Q3 2024). 90 Quarter-to-quarter small changes in our product areas 80 70 60 50 40 30 20 10 0 10
Slide 11: Aftermarket outlook
Net Sales Aftermarket outlook 300 200 243 233 ❑ Q2 back to normal demand – reflecting underlying demand 187 ❑ CTT’s end-market currently growing at single-digit pace 100 147 124 98 99 ❑ When Airbus and Boeing reach their production targets; we 0 72 expect the installed base of humidifiers to grow by
Slide 12: OEM outlook
OEM outlook 200 Net Sales 1. Up-tick in orders with deliveries from Q126 150 166 2. Addressable market growing – tracking aircraft build-rates 100 126 3. Shipset content on A350s increasing gradually end-2025/2026 104 83 50 Quarterly sales 40 35 0 25 20 50 175 2017 2018 2019 2020 2021 2022 2023 2024
Slide 13: Private jet Outlook
Private jet Outlook 35 Net Sales 30 32 ❑ Private jet revenue in Q2 – Q3 approx. 10 MSEK/Q 25 ❑ Growth driven by higher penetration on narrowbody VIPs as 20 21 ❑ Airbus Corporate Jets (ACJ) front runs by promoting humidification for 15 18 10 15 14 15 14 ACJ320 Family, the ACJ TwoTwenty and the ACJ330
Slide 14: Opportunities: Private jet
Opportunities: Private jet 14
Slide 15: Retrofit Anti-Condensation Outlook
Retrofit Anti-Condensation Outlook ❑ No OEM Availability – OEM is a requirement for scalable growth Net Sales ❑ Retrofit demand to drive OEM: 40 ❑ A320 operators to demand line-fit or post-delivery modification 30 – Focused efforts to win launch customers 35 30 20 ❑ Limited efforts to obtain STC for
Slide 16: Retrofit Opportunity: Premium Cabin Humidification
Retrofit Opportunity: Premium Cabin Humidification ❑ Boeing 787: Retrofit market: ~1,200 aircraft ❑ A350: 663 aircraft delivered - low humidifier penetration ❑ Performance gap: New A350s state-of-the-art cabin climate with humidification in flight deck, crew rests and to greater degree in premium pa
Slide 17: Window Defrosting: value added feature in Private jet
Window Defrosting: value added feature in Private jet ACJ offers it as extra feature to the Enhanced-Inflight-Humidification system for ACJ320/ACJ330 17
Slide 18: Summary
Summary ↑ Significant growth in OEM ↑ Private jet establishing higher net sales base-line ❖ Opportunities in Large-Cabin Bizjets 18
Slide 19: ke action for our future
ke action for our future take action for our fu Take up the challen ~reduce every way YOU
Slide 20: We make flying a little better
WE MAKE FLYING A LITTLE BETTER THRIVE WITH HUMIDITY AT HEALTHY LEVEL 20