Systemair AB Interim Report Q2 2023/24

Press Release, December 7, 2023 

Second quarter August–October 2023

• Net sales increased by 4.9 percent to SEK 3,186 million (3,037) despite the former divestment of the air conditioning business, which reported sales of SEK 166.5 million in the corresponding period last year.
• Organic growth was +5.1 percent (+14.8).
• Operating profit (EBIT) totalled SEK 322 million (120).
• The operating margin was 10.1 percent (3.9). The operating profit for the preceding year included, among other items, an impairment charge totalling SEK -168 million in the Russian business. Adjusted for the impairment charge, the operating margin last year was 9.5 percent.
• Profit after tax amounted to SEK 246 million (39).
• Earnings per share (basic) were SEK 1.18 (0.21).
• Cash flow from operating activities amounted to SEK +433 million (203).

Roland Kasper, President and CEO, comments:
"Systemair's second quarter shows evidence of continued growth with sales increasing by 4.9 percent. Adjusted for divestment of the air conditioning business and acquisitions last year, growth totalled 5.1 percent in the quarter. Operating profit for the period improved by 12 percent to SEK 322 million (288)."

For further information contact:
Roland Kasper, CEO, + 46 73 094 40 13
Anders Ulff, CFO, + 46 70 577 40 09

Systemair AB, SE-739 30 Skinnskatteberg, Sweden, +46 222 440 00, group.systemair.com

Note: The information here is that which Systemair AB is obliged to make public under the EU's market abuse regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08:00 (CET) on December 7, 2023.

Systemair in brief

Systemair is a leading ventilation company with operations in 51 countries in Europe, North America, the Middle East, Asia, Australia and Africa. The Company had sales of SEK 12.1 billion in the 2022/23 financial year and today employs approximately 6,600 people. Systemair has reported an operating profit every year since 1974, when the Company was founded. Over the past 10 years, growth has averaged 10.5 percent. Systemair helps to improve the indoor climate via energy-efficient and sustainable products that reduce carbon dioxide emissions.
Systemair has well-established operations in growth markets. The Group's products are marketed under the Systemair, Frico, Fantech and Menerga brands. Systemair shares have been quoted on the Nasdaq OMX Nordic Exchange in Stockholm since October 2007, and are today traded on the Large Cap List. The Group comprises about 90 companies.