Consti - High orders, decent profitability
Consti's net sales in Q2 amounted to EUR 84.8m, surpassing our estimate (Evli est. EUR 80.6m.), with growth of 2.3% y/y. EBIT amounted to EUR 2.5m, while we had estimated EBIT of EUR 2.7m. Order backlog grew and remains healthy, in line with our expectations.
- Net sales in Q2 were EUR 84.8m (EUR 82.9m in Q2/24), slightly surpassing our estimates.
- Housing Companies net sales grew relatively well in line with our estimates, yet performance in Corporations business area fell short of our forecast.
- Operating profit in Q2 amounted to EUR 2.5m (EUR 3.0m in Q2/24), below our estimate of EUR 2.7m.
- Profitability remained negatively impacted by lower-than-expected net sales and weaker-than-anticipated performance in the Service business. Additionally, the continued weakness in the market further affected profitability negatively.
- We had expected already some improvement for the Service business q/q which did not materialize.
- EPS in Q2 amounted to EUR 0.23 (EUR 0.27 in Q2/24, EUR 0.25 Evli est.).
- The order backlog at the end of Q2 was EUR 276.7m (EUR 261.2m in Q2/24), growing 5.9% y/y. Order intake was EUR 105.1m in Q2 (Q2/24: EUR 90.8m).
- As expected, order backlog stays at a healthy level as order intake grew 15.8% y/y. Larger orders contributed some EUR 47m to new orders.
- Free cash flow amounted to EUR 2.9m (Q2/24: EUR 1.2m).
- Guidance for 2025 (unchanged): Operating result for 2025 will be in the range of EUR 9–12 million.