Slides
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1 Nimbus Group Q4 report 4 February 2025
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2 Today’s Presenters Jan-Erik Lindström CEO Rasmus Alvemyr CFO
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3 Key take aways from 2024 Continued execution on strategic plan – Focus on premium products • Entered additional premium segment with larger boats by Nimbus 495 • Initiated closing of own value boat production – North America expansion • Established partnerships with several key distributors in the industry • Started production of Nimbus branded boats in our own factory in US – Flexible production optimization, due to softer market, Scale down by ~30 % – Densified dealer network • Continued expansion with new dealers on key markets – New organisation structure to support operational structure – Brand and product portfolio development • Launch of: Aquador 400 HT, Nimbus 495, initiated update of EdgeWater product portfolio New market opportunities with Alukin 400 mSEK order from Swedish armed forces by FMV.
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4 Business update fourth quarter 2024 Increased order intake in Q4, +53% YoY (Q3, +18%) Sales amounted to 274 mSEK (361), down by 24%, (FY 15%). EBITA -25 mSEK (-4) Decision to close factory in Kuopio after finalized union negotiations Current sales do not fully leverage our investments in business model Rights issue of 356 MSEK to support growth strategy and strengthen financials, successfully completed in Jan 2025. Alukin order from FMV with value ~ 400 mSEK. -> Interesting business opportunities in professional segments. Aquador 400 HT launch finalized premiered in Q1 at Düsseldorf boat show Nimbus 495 wins “Powerboat of the year 2025” award
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5 This is Nimbus Group Founded in 1968 Long history of international trade True house of well-known brands 2022, June - Own establishment in North America 2023, May – Acquisition of EdgeWater Power Boats (enabling local US production) 2024, first US produced Nimbus boat in Q2 2024, sept – Nimbus 495 launched at Cannes 2024, oct – Alukin entering governmental segment with order from Swedish armed forces
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6 Order book development Order intake in Q4 increased by +53% YoY to 278 mSEK (182), driven by Nordics (+102%) and Europe (+95%) Order book amounted to 574 mSEK (L/Y 759) Drop in ROW Indications in Q2 of shift towards shorter orderbook timeframe has been confirmed Positive effect from Nimbus 495 and Alukin Only confirmed orders in the order book with pre-payment The order from FMV not included, only the pre- series 386 708 854 731 960 1 139 1 241 1 051 1 051 930 953 1 103 946 759 789 508 508 574 42% 69% 79% 58% 66% 78% 80% 64% 62% 53% 54% 61% 50% 40% 41% 28% 28% 35% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 0 200 400 600 800 1 000 1 200 SEKm
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7 Sales development per market SEKm Q4 North America dropped -46 mSEK driven by EdgeWater brand. Sales of Nimbus brand was slightly up (+4%). Trend change in the Nordics. Sales went up by 27% to 97 MSEK Drop in Europe has continued (-20%), but less than in Q3 (-61%) and Q2 (-25%). Other markets down to 0 due to dealer stock levels 159 77 80 45 113 97 64 0 North America Nordics Europe Other markets Q4 Sales 2023 2024 -100% +26% -29% -21% 563 745 486 104 567 649 339 64 North America Nordics Europe Other markets 2024 2023 2024 2023 2024 +1% -13% -30% -38% Full year North America sales was flat, sale of Nimbus brand increased +27%, while EW dropped Nordics dropped by 13% to 649 mSEK. Recovery noted during autumn. Europe down by 30%, driven by soft market Other markets down by 38% to 64mSEK
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8 927 1 455 1 751 1 898 1 619 361 273 2020 2021 2022 2023 2024 Q4 ISO 2023 Q4 ISO 2024 Sales development Net sales in Q4 decreased by -24% Y/Y , driven by softer demand for both premium and value boats in Europe Retail sales increased to 75 mSEK (50), driven by Nordics, although a seasonally weak Quarter Commerical sales dropped to 197 mSEK (311) Organic growth in Q4 -25% Sales development SEKm -24% - 15 % 76 197 50 311 - 50 100 150 200 250 300 350 Retail sales Commerical sales Distribution of sales, Q4 2024 Q4 2023 Q4 +52% -37%
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9 EBITA Development EBITA went down to -60 mSEK (100), affected by: – Non-recurring costs – EW Production stop in Q1 to adapt dealer stock levels, effect from acquisition 2023 -23 mSEK – Restructuring costs Finland of -55 mSEK, Q3 – Running losses from small boat business – Cost under absorption effect from low volumes 63 166 193 100 -60 6,8% 11,4% 11,0% 5,2% -3,7% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% -100 -50 0 50 100 150 200 250 2020 2021 2022 2023 2024 EBITA - trend EBITA EBITA-margin Non-recurring effects in 2025
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10 520 513 534 571 626 548 563 620 30% 25% 27% 30% 32% 30% 33% 38% Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 NWC NWC NWC / LTM sales CF & Working Capital Operating CF in Q4 amounted to net -26 mSEK (-69). NWC in Q4 amounted to 620 mSEK which is an increase by 57 mSEK since Q3, driven by both currency effects from the US business and increased inventory levels. Continued relatively soft market in particularly Europe has caused higher inventory levels than expected due to less “in-for-out” sales. SEKm -4 -9 -50 96 -48 -11 -26 P&L Finance, net Inventory Recievables NWC other CAPEX Operating CF -80 -60 -40 -20 0 20 40 Operating Cash Flow Q4
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11 Financial Targets Growth >10% EBITA margin 10% Dividend policy 30% Capital structure - No Financial debt
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12 Onwards Continued focus on cash release and cost out Finalize departure from production of value boats by our own. Purposeful organizational set-up to clarify responsibilities and improve accountability, performance and transparency Opportunistic mind-set: aim to capitalize on market opportunities in a weak business environment Ambition to fully utilize benefits from local US production in changing market conditions Organized to monitor risk from escalated trade barriers with present foot-print and structure
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13 Q & A Financial calendar: Q1 report 2025 29 April Annual General Meeting 16 May