Consti - Impressive volume growth

Consti's net sales in Q2 amounted to EUR 82.9m, above our estimates (Evli est. EUR 75.9m.), with growth of 9.4% y/y.  EBIT amounted to EUR 3.0m, also above our estimates (Evli est. EUR 2.5m). 

  • Net sales in Q2 were EUR 82.9m (EUR 75.7m in Q2/23), above our estimates (EUR 75.9m). Sales grew 9.4% y/y.
  • Growth was even stronger than expected in Public Sector and Building Technology business areas which grew 42.5% and 58.7% respectively
  • Housing Companies business area sales declined more than we had estimated
  • Corporations business area sales remained flat while we had estimated strong decline
  • Operating profit in Q2 amounted to EUR 3.0m (EUR 3.0m in Q2/23), above our estimates (EUR 2.5m) at a margin of 3.6% (Q2/23: 4.0%, Evli: 3.3%). The higher-than-expected margin was mainly related to higher volumes.
  • EPS in Q2 amounted to EUR 0.27 (EUR 0.29 in Q2/23), also above our estimates (EUR 0.22)
  • The order backlog at the end of Q2 was EUR 261.2m (EUR 297.9m in Q2/23), down by 12.3% y/y. Order intake was EUR 90.8m in Q2 (Q2/23: EUR 106.5m).
  • While order backlog and intake fell y/y, the company is satisfied with the total amount and quality of orders received
  • Free cash flow amounted to EUR 1.2m (Q2/23: EUR 4.1m).
  • Guidance for 2024 (unchanged): Operating result for 2024 will be in the range of EUR 9–12 million
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