Slide 1: Bittium Corporation's Half-Year Financial Report January-June 2024
Bittium Corporation’s Half-Year Financial Report January-June 2024 CEO Johan Westermarck August 9, 2024
Slide 2: Forward-Looking Statements
Half-Year Financial Report January-June 2024 Some statements made in this material relating to future circumstances or status, including, without limitation, the future performance of the company, expectations regarding market growth, trend projections as well Forward- as any statements preceded by
Slide 3: Contents
Contents ▪ Summary of 1H 2024 ▪ Financial Review 2Q and 1H 2024 ▪ Business Segments in 1H 2024 ▪ Outlook 2024 ▪ Q&A
Slide 4: Summary 1H 2024
Half-Year Financial Report January-June 2024 1H 2024 net sales grew and operating result improved • Net sales in 1H 2024 were MEUR 37.9, increase of 6.5 % y-on-y • Net sales in 2Q 2024 were MEUR 19.8, decrease of 4.4 % y-on-y • Operating result in 1H 2024 was MEUR 2.9, representing 7.7 % of net sale
Slide 5: Financial Review
Financial Review
Slide 6: Group Half-Yearly Financial Development
Half-Year Financial Report January-June 2024 Group Half-Yearly Financial Development MEUR MEUR Net Sales Operating Result 50,0 3,0 15,0 % +6.5% y-on-y 2,0 10,0 % 40,0 1,0 30,0 5,0 % 0,0 20,0 0,0 % -1,0 -5,0 % 10,0 -2,0 -3,0 -10,0 % 0,0 1H 2H 1H 2H 1H -4,0 -15,0 % 2022 2022 2023 2023 2024 1H 2H 1H 2H
Slide 7: Group Quarterly Financial Development
Half-Year Financial Report January-June 2024 Group Quarterly Financial Development MEUR Net Sales MEUR Operating Result 30,0 20,0 20,0 % -4.4% y-on-y 15,0 15,0 % 25,0 10,0 10,0 % 20,0 5,0 5,0 % 15,0 0,0 0,0 % 10,0 -5,0 -5,0 % 5,0 -10,0 -10,0 % 0,0 -15,0 -15,0 % 1Q 2Q 3Q 4Q 1Q 2Q 2023 2023 2023 2023
Slide 8: R&D Investments
Half-Year Financial Report January-June 2024 R&D Investments MEUR • Level of R&D investments decreased 30,0 40,0 % • MEUR 7.9 equaling 20.9% of the net sales (MEUR 11.2 equaling 31.4% of the net sales) 25,0 • MEUR 3.9 was capitalized (MEUR 4.4) 30,0 % 20,0 • Depreciations of R&D investments were MEU
Slide 9: Cash Flow
Half-Year Financial Report January-June 2024 Cash Flow MEUR 1H 2024 1H 2023 2023 Net profit +/- adjustment of accrual basis items 7.7 1.2 5.1 Change in net working capital -3.9 -5.5 -3.0 Interests and taxes -0.8 -0.3 -0.9 NET CASH FROM OPERATING ACTIVITIES 3.0 -4.6 1.2 Net cash from investing activi
Slide 10: Assets and Liabilities
Half-Year Financial Report January-June 2024 Assets and Liabilities The balance sheet of June 30, 2024 was total of MEUR 157.4 • Trade and other payables MEUR 21.6 • Property, plant and • Inventories MEUR 28.3 • Interest-bearing debt equipment MEUR 17.3 • Trade and other receivables MEUR 39.4 MEUR 2
Slide 11: Development of Business Segments
Development of Business Segments
Slide 12: Defense & Security Business Segment
Half-Year Financial Report January-June 2024 Defense & Security Business Segment MEUR 25,0 • 1H 2024 financial development was good +36.6% y-on-y 20,0 • Geopolitical uncertainty has led the states to increase their budgets to modernize their defense forces 15,0 • Good cooperation with Finnish Defenc
Slide 13: Medical Business Segment
Half-Year Financial Report January-June 2024 Medical Business Segment MEUR 12 -14.8% y-on-y 10 • 1H 2024 net sales decreased y-on-y, operating result improved 8 • The stricter requirements in the regulatory approvals for medical devices and subsequent lengthening 6 schedules are causing delay in bui
Slide 14: Engineering Services Business Segment
Half-Year Financial Report January-June 2024 Engineering Services Business Segment MEUR 9 -18.1% y-on-y • 1H 2024 net sales decreased y-on-y, however, operating 8 result remained positive 7 • Customers are cautious to start new development 6 projects due to the challenging market situation 5 • Marke
Slide 15: Outlook 2024
Outlook 2024
Slide 16: On Track towards Profitable Growth
Half-Year Financial Report January-June 2024 On Track towards Profitable Growth Megatrends supporting the growth Strong customer base – serving customers well is priority World-class products and services – focus on increasing competitiveness Committed and highly skilled people – strengthened organi
Slide 17: Financial Outlook 2024
Half-Year Financial Report January-June 2024 Net Sales Bittium expects the net sales in 2024 to be EUR 85 – 95 million (net sales EUR 75.2 million in 2023) Financial Outlook Operating Result Bittium expects the operating result to be EUR 7.0 – 9.5 million 2024 (operating result EUR -4.3 million in 2
Slide 18: Investor Calendar in 2024
Half-Year Financial Report January-June 2024 AGM 10.4.2024 Segment-based Investor reporting started Annual Report 1Q 2024 Calendar 20.3.2024 26.4.2024 in 2024 3Q 2024 2Q 2024 18.10.2024 9.8.2024 18 © Bittium 2024
Slide 19: Questions & Answers
Questions & Answers www.bittium.com investor.relations@bittium.com