Kitron: Q3 2024 - Adapting to global market shifts

24 Oct 2024 07:00 CEST

(2024-10-24) Kitron today reported quarterly figures that are impacted by
challenging markets but also demonstrate actions taken to adapt to market shifts
by leveraging the group's global capabilities.

Kitron's revenue for the third quarter was EUR 145.1 million, compared to 179.2
million last year. There was growth within the Defence/Aerospace and Medical
devices market sectors, while other market sectors declined.

Operating profit (EBIT) was EUR 10.7 million, compared to 16.2 million last
year. EBITDA was EUR 15.3 million, compared to 20.7 million last year.

Profitability expressed as EBIT margin was 7.4 per cent, compared to 9.0 per
cent last year.

The order backlog ended at EUR 457.7 million, a decrease of 9 per cent compared
to last year but an increase of 1 per cent from the preceding quarter.

Peter Nilsson, Kitron's CEO, comments:
"The Nordic and U.S. markets continue to show strength with close to double-
digit growth, but the continued economic slowdown in Europe has softened
regional demand. However, not all markets tell the same story. Some global
segments remain resilient, and we observe a notable rebound in specific segments
within China. We are meeting these shifts through program transfers between our
sites to optimize our resources. Despite the headwinds presented by the current
economic climate, we remain steadfastly optimistic about our long term growth
prospects. Our commitment to operational excellence, cost competitiveness, and
innovation positions us strongly to deliver sustainable performance in the
quarters ahead."

Profit after tax amounted to EUR 6.1 million, compared to 9.7 million in the
same quarter the previous year. This corresponds to earnings per share of EUR
0.03, compared to 0.05 last year.

Capital efficiency temporarily affected by lower revenue
Operating cash flow in the third quarter was EUR 2.2 million, compared to 2.5
million in the same quarter last year.

Net working capital was EUR 183 million, a decrease of 8 per cent compared to
the same quarter last year. Net working capital as a percentage of revenue was
31.0 per cent compared to 26.7 per cent last year.

Outlook
For 2024, Kitron expects revenue to be between EUR 635 and 660 million with an
operating profit (EBIT) between EUR 44 and 50 million, including EUR 4.8 million
in restructuring costs in the first quarter.

Enclosed in PDF are the quarterly report and the presentation. The interim
report is presented today at 8.30 a.m. CEST by CEO Peter Nilsson and CFO Cathrin
Nylander. It will be webcast at the following link:

https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20241024_3

For further information, please contact:

Peter Nilsson, President and CEO, tel. +47 94 84 08 50
Cathrin Nylander, CFO, tel: +47 900 43 284
E-mail: investorrelations@kitron.com

Kitron is a leading Scandinavian electronics manufacturing services company for
the Connectivity, Electrification, Industry, Medical devices and
Defence/Aerospace sectors. The group operates in Norway, Sweden, Denmark,
Lithuania, Germany, Poland, the Czech Republic, India, Malaysia, China and the
United States. Kitron has about 2 500 employees, and revenues were EUR 775
million in 2023.

www.kitron.com (http://www.kitron.com)

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act

More information:
Access the news on Oslo Bors NewsWeb site

630252_Kitron 2024 Q3 Report.pdf
630252_Kitron 2024 Q3 Presentation.pdf