Slide 1: Q2 2024 Results Presentation
Q2 2024 Results Presentation Kristoffer Ljungfelt, CEO Henrik Skogsfors, CFO
Slide 2: Nobia Group, highlights Q2
Nobia Group, highlights Q2 • Market remains soft, especially in the project segment 2023 Q2 2024 Q2 across all geographies • Positive sales development in retail with market share Net sales (SEKm) 3,092 2,933 gains in the UK Organic growth (%) -17 -6 • Higher gross margin due to higher share of sale
Slide 3: Measures to strengthen the balance sheet
Measures to strengthen the balance sheet SEK ~2,600m of net debt improvements in H1 2024 • Rights issue • Sale and leaseback transaction • Divestments of non-core assets “Cost program one” completed in Q1 2024 • Annualized savings of approx. SEK 350m realized “Cost program two” announced in Q2 2024
Slide 4: Strategic priorities
Strategic priorities • Restructuring program from 2023 completed with run rate savings of 350 MSEK √ Maximising cost • Divestment of non-core assets (Bribus & ewe) √ efficiency and • Sale and leaseback of the Jönköping factory √ reduction of net debt • Share rights issue √ • Cost out program launche
Slide 5: Kitchen market development, Nordic region
Kitchen market development, Nordic region Housing starts per quarter (thousands) Consumer segment; 20 Consumer confidence slowly trending up, from low levels. Housing transactions slightly up in Sweden and Norway. Overall, 18 slight increase in demand from consumers 16 Project segment; 14 Housing ne
Slide 6: Kitchen market development, UK
Kitchen market development, UK Consumer segment Housing starts per quarter (thousands) Consumer confidence low, but improvement over the past 80 months and the highest level since November 2021. 70 Project segment Housing new build starts down significantly vs recent years, 60 partly as an effect of
Slide 7: Nordic region Q2
Nordic region Q2 Share of R12 sales by segment Share of R12 sales by country Finland • Organic net sales declined -14% (-17) 9% Retail Norway • Consumer sales slightly up, while project segment Project 34% 20% Denmark showed significant decline 51% 48% Trade Sweden • Gross margin improvement driven
Slide 8: UK region Q2
UK region Q2 Share of R12 sales by segment Share of R12 sales by channel Other Project • Organic sales increased by 5% (-15%) following growth 20% Retail 17% 32% during the winter consumer sales campaign. Continued Project DIY Stores market headwinds in project and trade segments 17% 18% 65% Trade •
Slide 9: Financial position
Financial position Cash flow 2023 Q2 2024 Q2 Cash flow from operating activities 66 165 • Cash flow improvement driven by phasing of working Operating cash flow -276 -53 capital Of w. operating profit* 14 -171 • Investments in Jönköping factory SEK 157m (240) Of w. change in working capital -180 83
Slide 10: Priorities going forward
Priorities going forward • Continue to capitalize on our brand strengths in the somewhat improving retail market • Investigate further opportunities for cost out measures in H2 to compensate for weak project market with no improvements expected in 2024 • Drive efficiency improvements in supply chain
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