During the Q1 2024, Inwido’s net sales were down 14% (negative 21% organically) to SEK 1,811 million as a result of continued low activity, both in the industry market and the consumer market.
In the Q1 2024, total order intake rose by 1% compared with the corresponding quarter last year (down 9% adjusted for acquisitions). Order intake was down 12% in Business Area Scandinavia, down 26% in Eastern Europe, up 113% in Western Europe and up 12% in e-Commerce. The order backlog at the end of the period increased to SEK 2,236 million as a result of the acquisition of Sidey Group (down 13% adjusted for acquisitions).
In the Q1 2024, operating EBITA amounted to SEK 91 million and the operating EBITA margin amounted to 5.%. The lower margin can be explained by lower volumes in combination with a consciously maintained manufacturing capacity, in preparation for the upcoming peak season.
Profit before tax amounted to SEK 44 million in the Q1 2024. Income taxes amounted to negative SEK 15 million and profit after tax amounted to SEK 28 million.
Outlook
Inwido’s long-term target is still to achieve sales totaling SEK 20 billion by 2030, with profitability that is in line with the target of more than 15% for return on operating capital. Even though the Company is currently experiencing a sharp drop in volumes in the new build market in the Nordic region, the outlook in the longer term is positive, with growth being driven by the green transition. The EU’s clear ambition to enhance energy performance in properties over the upcoming years means that there are favorable growth opportunities for energy-efficient windows and doors. Inwido is well positioned for favorable long-term trends, such as energy efficiency and sustainability.
Inwido is a Sweden-based manufacturer of windows and doors.
