No. 9 2023 Q2 EBITDA of DKK 214m on par with expectations

Q2 revenue and EBITDA are in line with our expectations. We confirm our 2023 revenue guidance of DKK 13,500m and EBITDA guidance of DKK 900m.

CEO Jens Andersen says:
"Our Q2 results are on par with our expectations. When adjusted for one-off price effects, the underlying EBITDA was in line with Q2 2022, and the EBITDA margin increased slightly.

Climate & Energy delivered strong growth rates, corresponding to revenue of almost DKK 375m, even though the slowdown in Denmark seen in March continued in Q2. We expect sales of heat pumps in Denmark to pick up when the new subsidy scheme is implemented, which is expected in late Q3.

The measures we introduced in Q1, including cost containment, process improvements and staff reduction, became effective in Q2 and contributed to our Q2 results being in line with expectations.

We confirm our revenue guidance of DKK 13,500m and EBITDA guidance of DKK 900m.”

Q2 key financial messages

• Adjusted for one-off price effects, the underlying EBITDA margin improved slightly.
• EBITDA of DKK 214m in line with our expectations.
• 2023 guidance confirmed.

Financial highlights (DKK million)	Q2 2023	Q2 2022	H1 2023	H1 2022
Revenue	3,250	3,451	6,906	6,913
EBITDA	214	267	494	548
Cash flow from operating activities	78	-10	179	-212
Financial ratios (%)
Organic growth adj. for number of working days	-1.0	12.4	2.8	12.9
EBITDA margin	6.6	7.7	7.2	7.9
Net working capital, end of period/revenue (LTM)	16.3	14.1	16.3	14.1
Gearing (NIBD/EBITDA), no. of times	1.4	1.1	1.4	1.1
Return on invested capital (ROIC)	20.5	25.5	20.5	25.5