First Camp delivers stable results despite challenging external factors

First Camp Group AB today presents its results for the third quarter of the year. The operational result, measured as pro forma adjusted EBITDA, is SEK 367.9 million and is in line with the previous year. Including acquisition effects, the operating result (EBIT) increases by SEK 39.7 million to SEK 325.5 million.

”Despite weakened finances for many consumers, a July that was the rainiest since records began in many places in Scandinavia, and on top of that the rainstorm Hans in August, we deliver a result, excluding acquisition effects, in line with the previous year. This demonstrates the strength and stability of our business model,” says Johan Söör, CEO of First Camp.

Third quarter 2023 (same quarter last year in brackets)

• Total revenue of SEK 718.4 million (610.3)
• Pro forma revenue decreased with 2% compared to Q3 2022
• Pro forma Adjusted EBITDA amounted to SEK 367.9 million (367.9)
• EBIT of SEK 325.5 million (285.8)
• Cash flow from operating activities of SEK 64.0 million (66.8)

First three quarters 2023 (same period last year in brackets)

• Total revenue of SEK 1,085.2 million (911.8)
• Pro forma revenue increased with 1% compared to same period 2022
• Pro forma Adjusted EBITDA amounted to SEK 330.2 million (349.7)
• EBIT of 206.0 million (181.1)
• Cash flow from operating activities of SEK 146.7 million (220.5)
• Acquisition of four new destinations – one in Sweden, two in Norway and one in Denmark - with an estimated annual revenue of SEK 45 million in 2022

Significant events in the third quarter

• In August First Camp's campsite in Gol, Norway, was hit by flooding as a result of the rainstorm "Hans," leading to damages to cabins, seasonal guests' caravans, and other infrastructure. The consequences in Sweden primarily affected four campsites that temporarily needed to reduce accommodation capacity due to high water levels in Lake Siljan.

Significant events in the first two quarters

• At February 1 First Camp completed the acquisitions of Sjöstugans Camping in Sverige and Bø Camping in Norway. The acquisitions have a combined annual turnover during 2022 of approximately SEK 30 million. Please see Note 2 for further information on the acquisitions.
• First Camp has during the period appointed Benita Jonsson, previously Regional Manager for Region South within First Camp, as COO, and also recruited Adam Fall to the newly established role of CTO and recruited Mia Melin to the role of CHRO.
• In May, the acquisitions of Telemark Kanalcamping in Norway and Tempelkrogens Camping in Denmark were completed. The acquisitions had a combined annual revenue of approximately SEK 15 million in 2022. Please see Note 2 for further information on the acquisitions.
• In June, the indoor Yessiland facility at First Camp Orsa was opened.
• During the quarter, First Camp terminated the site leasehold agreement for the destination Bredsand-Enköping. The effect on EBITDA is immaterial.
• During the second quarter, the transition to 100% electricity from renewable sources was completed at First Camp's Danish destinations.

Significant events after the reporting period

• In October, the board of directors of First Camp Group AB supported by the main owner, Norvestor, has decided to carry out a new issue of shares initially approximately up to 100 million SEK to enable substantial investments in the 2024 investment plan and facilitate the management of liquidity fluctuations. Norvestor has informed First Camp that Norvestor will guarantee a capital injection of up to a total of 145 million SEK, including the initial issue, depending on First Camp's capital needs.

This information is information that First Camp Group AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 08.00 CET on November 15, 2023.

For further information, please contact:

Göran Meijer
CFO 
goran.meijer@firstcamp.se
+46 (0)707 18 05 75

Johan Söör
CEO
johan.soor@firstcamp.se