Assemblin Caverion Group Interim Financial Information Q2 2024: A successful start to the merger, with improved margins and long-term financing secured

‍Q2 | April–June 2024 (“the quarter”)

• Net sales for the quarter decreased by 0.8 percent to SEK 10,884 million (10,975), of which 1.3 percentage points were negative organic growth, and positively impacted by 0.5 percentage points of acquisition-driven and -0.1 percentage points of currency-driven growth.
• Adjusted EBITA increased by 19.9 percent to SEK 667 million (556) compared to the same period last year, and the adjusted EBITA margin amounted to 6.1 percent (5.1). Items affecting comparability amounted to SEK 322 million (168).
• EBITA decreased to SEK 345 million (388), and the EBITA margin amounted to 3.2 percent (3.5).
• The result for the quarter amounted to SEK -81 million (146), driven by items affecting comparability and the amortization of PPA (Purchase Price Allocation) related assets, relating primarily to the amortization of the accounting value of the entire of order backlog which under IFRS is recognized as an intangible asset as a result of the formation of the current group in 2023 and addition of Caverion in 2024. The PPA amortizations have no effect on operating results or cash flow and are not a recurring cost item.
• Order intake amounted to SEK 11,283 million (11,296).

Q1-Q2 | January–June 2024 (“the period”)

• Net sales for the period decreased by 1.4 percent to SEK 21,214 million (21,520), of which 2.4 percentage points were negative organic growth, 0.8 percentage points of acquisition-driven and 0.1 percentage points of currency-driven growth.
• Adjusted EBITA increased by 14.4 percent to SEK 1,217 million (1,063) compared to the same period last year, and the adjusted EBITA margin increased to 5.7 percent (4.9). Items affecting comparability amounted to SEK 361 million (187).
• EBITA decreased to SEK 856 million (877), and the EBITA margin amounted to 4.0 percent (4.1).
• The result for the period amounted to SEK -23 million (114), driven by items affecting comparability and the amortization of PPA (Purchase Price Allocation) related assets, relating primarily to the amortization of the accounting value of the entire of order backlog which under IFRS is recognized as an intangible asset as a result of the formation of the current group in 2023 and addition of Caverion in 2024. The PPA amortizations have no effect on operating results or cash flow and are not a recurring cost item.
• Order intake amounted to SEK 22,579 million (22,677).
• Order backlog at the end of the period amounted to SEK 32,035 million (33,278).

Invitation to an investor presentation

On 28 August 2024, at 9:30 CET, the company’s President and CFO will present the developments in the quarter in a webcast.

To participate in the webcast, please use the following link and to register in advance:
https://onlinexperiences.com/Launch/QReg/ShowUUID=82078E83-090E-46CD-9464-3CBA93E4D70B

To listen to the presentation by telephone, please use the link below to register and receive conference call details:
https://emportal.ink/45YzxcY

The presentation material, and a recording of the webcast, will be published on the company’s website at https://www.assemblincaverion.com/investors/financial-reports.

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Additional related information

Additional disclosure for holders of Assemblin Caverion Group Senior Secured Notes, is published on the corporate website under the “Investor” tab:
https://www.assemblincaverion.com/investors/financial-reports  

For further information, contact:

For questions concerning this report, please contact CFO Philip Carlsson (philip.carlsson@assemblin.se, tel. +46 10 475 39 50).

For questions concerning operations in general, contact President and CEO Mats Johansson (mats.e.johansson@assemblin.se, tel. +46 10 475 39 60) or Head of Communications, Sustainability and HR Åsvor Brynnel (asvor.brynnel@assemblin.se, tel. +46 10 475 39 48).

More information is also available on our website: www.assemblincaverion.com

About Assemblin Caverion Group

Assemblin Caverion Group is a leading northern European technical service and installation company. The Group employs about 21,500 skilled professionals in nine countries, sharing the passion for smart and sustainable solutions. We deliver installations, technical services and solutions along the full lifecycle of the built environment to support our customers and their increasing demand for energy efficiency, sustainability, and automation for buildings, infrastructure and industrial sites. Assemblin Caverion Group was formed in April 2024 through the combination of Assemblin Group and Caverion Corporation. Our combined revenue amounts to approximately SEK 43 billion/EUR 3.8 billion.  

www.assemblincaverion.com
#AssemblinCaverionGroup #StrongerTogether

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