Inwido Ab · OMXSTO:INWI
Inwido Ab — Q4 2024 Earnings Presentation
28 slides from Inwido Ab's earnings presentation, Feb 4, 2025
Slide 1: Year-end report January-December 2024
Year-end report January-December 2024 Fredrik Meuller, President and CEO Peter Welin, CFO and Deputy CEO February 4, 2025
Slide 2: Europe's leading window group
2 Europe’s leading window group Inwido facts and figures Established in 2004 – publicly listed since 2014 Sales SEK 8.8 billion Operating EBITA margin 10.8% Improving quality of life – great windows and doors Attractive market boosted by the green transition No. 1 in the Nordics – No. 2
Slide 3: Back on the growth track
3 Back on the growth track Q4 2024 highlights Total sales up 7 percent Organic sales growth for the first time since Q2 2022, and across all Business Areas Order intake increased for the third consecutive quarter, +20% – organically +19% Order backlog per December 31 increased by 29% Maint
Slide 4: Record-breaking orders in Scotland
4 Record-breaking orders in Scotland Q4 2024 highlights Initial order value GBP 22.5 million over two years, start end of January 2025 North Lanarkshire Council – replacement of windows and doors in approx. 7,250 properties Energy efficient/triple-glazed products, including installation Poss
Slide 5: Conditions vary across geographies and segments
Conditions vary across geographies and segments Operating context per Business Area Scandinavia e-Commerce Stable consumer market in Denmark Continued positive development Consumer market in Sweden shows Increased profitability signs of recovery while new build Serving 10 markets across Eu
Slide 6: Sustainability performance improving further
6 Annual outcome KPI’s 2024 Sustainability performance improving further 2412 2312 Trend Energy usage (kWh/wing) 55.2 59.6 Waste (kg/wing) 3.81 4.50 Milestone – Science Based Targets, Scope 3 reported for the first time Hazardous waste (kg/wing) 0.26 0.35 Accidents (LTA/million worked hours) 8.7 1
Slide 7: Launch of windows with a low carbon footprint
7 Launch of windows with a low carbon footprint Products with a low carbon footprint are increasingly in demand Pihla Group in Finland launched a unique low-CO2 window using recycled glass and aluminium Setting a new construction standard – kg CO2 per window reduced from 90 to 50 Exclusive c
Slide 8: Finishing the year in style
8 Finishing the year in style Q4 2024 key financials Order intake Op EBITA +20% Net sales SEK 296 million (290) Net debt vs Op EBITDA SEK 2,423 million (2,273) 1.0x Order backlog Op EBITA margin (0.7x excluding IFRS 16) SEK 2,490 million (1,937) 12.2% (12.7)
Slide 9: Solid progress made on key strategic priorities
9 Solid progress made on key strategic priorities Full year 2024 highlights Agile adaptation to lower demand Acquisitions of Finluft and Artic-Kaihdin Investments for a more efficient and sustainable operating platform Several attractive new product launches with focus on design and energy e
Slide 10: Strong performance throughout the year, in soft markets
Strong performance throughout the year, in soft markets Full year 2024 key financials Op EBITA Net sales SEK 953 million (1,027) ROOC EPS SEK 8,838 million (8,970) 12.7% (15.4) SEK 9.29 (11.72) Op EBITA margin 10.8% (11.4)
Slide 11: Financials Q4 and full year 2024
1 Financials Q4 and full year 2024
Slide 12: Sales growth of 7 percent in the quarter
12 Sales growth of 7 percent in the quarter Organic sales growth of 5 percent and higher Operating EBITA compared to last year Q4 Q1-Q4 SEKm 2024 2023 Change 2024 2023 Change LTM 2312 Net sales 2,423 2,273 7% 8,838 8,970 -1% 8,838 8,970 Gross Profit 625 596 5% 2,247 2,316 -3% 2,249 2,298 Gross margi
Slide 13: Growth in all segments – Eastern Europe still challenging
Growth in all segments – Eastern Europe still challenging Continued challenging market in Finland, with lower margins Sales in Q4, SEKm, from 2023 to 2024 OP EBITA in Q4, SEKm, from 2023 to 2024 3000 350 35 -38 11 8 -10 16 25 42 4 300 2500 64 250 2000 200 1500 150 1000 100 500 50 2,273 2,423 290 296
Slide 14: Margin above six-year average
Margin above six-year average Improved margin in all segments except for Eastern Europe due to market situation in Finland Sales and Op EBITA % in Q4 for 2019 - 2024 3,000 12.9% 13.0% 12.7% 2,500 12.5% 12.2% 12.1% 2,000 12.0% 11.6% 1,500 11.5% 11.2% 1,000 11.0% 500 10.5% 1,813 1,798 2,175 2,613 2,27
Slide 15: Cash flow from operating activities slightly above LY
Cash flow from operating activities slightly above LY Increased capex last two years to compensate for lower levels during the pandemic Q4 Acquisitions of tangible and intangible assets in SEKm and % of sales SEKm 2024 2023 Change 400 4.1% 4.5% Cash flow from operating activities 228.6 246.9 -7% 4.0
Slide 16: Financial headroom for further growth
Financial headroom for further growth Net Debt vs Op EBITDA slightly above last year and well below the target of maximum 2.5x Net Debt (SEKm), Net Debt vs Op EBITDA (times) 1.0x (0.9) 2,000 2.5 Net Debt / Op EBITDA incl. IFRS 16: 1,800 1,600 2.0 Net Debt / Op EBITDA excl. IFRS 16: 0.7x (0.6) 1,400
Slide 17: Restructuring costs had a negative impact on ROOC
17 Restructuring costs had a negative impact on ROOC Same level in Q4 as Q2-Q3, of about 13 percent excluding restructuring costs taken in Q4 2024 Average Operating Capital (SEKm), and ROOC (%) 7,300 20% 17.8% 17.9% 17.9% 18.3% 17.6% 16.9% 16.8% 18% 16.4% 16.2% 6,900 15.7% 15.4% 14.3% 16% 6,500 13.7
Slide 18: New market segment definition
18 New market segment definition Consumer: smaller orders with short delivery times, Project: larger orders and longer delivery times 2023: Old definition: Consumer / Industry 2024: New definition: Consumer / Project 70% 26% 61% 36% Other Industry Consumer Other Project Consumer
Slide 19: Improved order intake and backlog vs LY
Improved order intake and backlog vs LY Organic order intake growth of 19 percent due to increased Project orders Order backlog in Q4, SEKm, 2023 - 2024 Order intake in Q4 compared to last year 3,000 Total, adjusted for fx + 20% 2,500 2,490 Excluding acquisitions, organic + 19% 2,000 1,937 - whereof
Slide 20: Business Areas Q4 2024
2 Business Areas Q4 2024
Slide 21: Q4 Scandinavia
21 Q4 Scandinavia 6,000 Sales SEKm and Op EBITA %, LTM 16% The Consumer market is the driver behind 5,000 14% improved sales and profitability 4,000 12% 10% 3,000 8% 6% 2,000 4% Sales +6%, to SEK 1,196 million (1,133) 1,000 2% Operating EBITA margin increased to 17.1% (15.0) 0 0% Q4 Q1 Q2 Q3 Q4
Slide 22: Q4 Eastern Europe
22 Q4 Eastern Europe 3,000 Sales SEKm and Op EBITA %, LTM 14% Strong order intake in a continued tough market 2,500 12% 10% 2,000 8% 1,500 6% 1,000 4% Sales +3%, to SEK 491 million (475) 500 2% Organic sales slightly above LY 0 0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Operating EBITA margin 6.3% (14.5) 2
Slide 23: Q4 e-Commerce
23 Q4 e-Commerce 1,200 Sales SEKm and Op EBITA %, LTM 9% Continued growth in online sales 1,000 8% with increased profitability 7% 800 6% 5% 600 4% 400 3% Sales +10%, to SEK 270 million (246) 200 2% 1% Operating EBITA margin increased to 8.6% (5.0) 0 0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2023
Slide 24: Q4 Western Europe
24 Q4 Western Europe 2,000 Sales SEKm and Op EBITA %, LTM 14% Continued profitable growth 12% 1,600 10% 1,200 8% 800 6% 4% Sales +10%, to SEK 470 million (428) 400 2% Organic sales growth of 6% 0 0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Operating EBITA margin increased to 11.6% (10.8) 2022 2023 2023 2023
Slide 25: Summary and outlook
3 Summary and outlook
Slide 26: Back on the growth track
26 Back on the growth track Summary and outlook Organic sales growth for the first time in 7 quarters Increased order intake and order backlog for the third consecutive quarter Maintained Operating EBITA margin because of improved operational efficiency Continued market share gains Proacti
Slide 27: Getting to SEK 20 billion in turnover by 2030 is achievable
Getting to SEK 20 billion in turnover by 2030 is achievable Illustrative Net Sales development 2024-2030, SEK million (CAGR ~12% p.a.)
Slide 28: Upcoming events
Upcoming events April 24 Q1 report 2025 May 15 Annual General Meeting July 14 Q2 report 2025 October 21 Q3 report 2025 Join our journey on LinkedIn