Consti - Profitability missed
Consti's net sales in Q1 amounted to EUR 65.6m, in line with our estimate (Evli est. EUR 65.7m.), with growth of 0.1% y/y. EBIT amounted to EUR -0.1m, while we had estimated EBIT of EUR 0.4m. Profitability was negatively affected by performance in the Service business.
- Net sales in Q1 were EUR 65.6m (EUR 65.5m in Q1/24), in line with our estimate.
- Although the group's overall net sales aligned with our expectations, performance varied by segment, with Housing Companies experiencing stronger growth than anticipated, while net sales in Corporations declined
- Operating profit in Q1 amounted to EUR -0.1m (EUR 0.2m in Q1/24), below our estimate of EUR 0.4m.
- Profitability was negatively affected by lower-than-expected net sales and profitability in Service business. Profitability in the project business was broadly in line with the company’s expectations.
- We note that Q1 is traditionally the seasonal low for Consti’s business.
- EPS in Q1 amounted to EUR -0.04 (EUR -0.00 in Q1/24)
- The order backlog at the end of Q1 was EUR 246.4m (EUR 244.4m in Q1/24), growing 0.8% y/y. Order intake was EUR 60.1m in Q1 (Q1/24: EUR 36.3m).
- Order backlog stays at a healthy level while order intake was substantially higher than during Q1 last year. There were no larger orders as the order intake consisted of several smaller-scale projects. Order intake was positively affected by new orders in Housing Companies and Corporations segments.
- Free cash flow amounted to EUR -0.5m (Q1/24: EUR -0.5m).
- Guidance for 2025 (unchanged): Operating result for 2025 will be in the range of EUR 9–12 million.