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LMK Group reports improved profitability in Q2 with solid H1 cash generation

MAR

LMK Group, a leading supplier of meal kits in the Nordic region and a leader in Scandinavian foodtech, today announced its financial results for the second quarter 2023. The report shows continued improvement in Contribution margin, progress in stabilizing turnover, and that strict cost discipline during the quarter has contributed to enhancing profitability and achieving a positive cash flow in H1.

CEO Walker Kinman commented: “I take the quarterly result as confirmation that focusing on profitability while stabilizing revenue is the right priority. I am proud of my colleagues' commitment and persistent focus, which among other things resulted in us achieving a record for Contribution margin for the second quarter. Due to the seasonal pattern of our operations, we do not expect to be profitable in the third quarter, which is according to plan. However, we continue to work towards profitable revenue growth while providing epic customer experiences and reducing food waste.”

Second quarter 2023 (Q2 2022)

  • Net sales decreased by 13.8% to MSEK 230.5 (MSEK 267.6 same period last year). Adjusted for exchange rate differences that equals a decline of 11.7%
  • Contribution margin after fulfillment cost was 31.3% (24.5%)
  • EBITDA amounted to MSEK 27.2 (17.3). EBITDA-margin at 11.8% (6.5%)
  • Adjusted EBITDA amounted to MSEK 27.2 (19.8). Adjusted EBITDA-margin at 11.8% (7.4%)
  • Operating profit (EBIT) at MSEK 15.3 (3.8), a margin of 6.7% (1.4%)
  • Adjusted EBIT at MSEK 15.3 (6.3), a margin of 6.7% (2.4%)
  • Net profit for the period after taxes at MSEK 8.4 (-0.6)
  • Earnings per share, before and after dilution at SEK 0.67 (-0.05)

First half 2023 (H1 2022)

  • Net sales decreased by 16.5% to MSEK 518.4 (620.5). Adjusted for exchange rate differences that equals a decline of 15.1%
  • Contribution margin after fulfillment cost was 31.5% (24.4%)
  • EBITDA amounted to MSEK 51.2 (10.8). EBITDA-margin at 9.9% (1.7%).
  • Adjusted EBITDA amounted to MSEK 51.2 (15.7), Adjusted EBITDA-margin of 9.9% (2.5%)
  • Operating profit (EBIT) at MSEK 27.4 (-15.9), a margin of 5.3% (-2.6%).
  • Adjusted EBIT at MSEK 27.4 (-11.1) gives a margin of 5.3% (-1.8%)
  • Net profit for the period after taxes at MSEK 15.5 (-19.5)
  • Earnings per share, before and after dilution at SEK 1.22 (-1.54)

Please see LMK Group Q2 report attached and on https://lmkgroup.se/investors/financial-reports/

In connection with publishing its Q2 report for 2023 on 22 August 2023, LMK Group invites investors, analysts and media to a teleconference and webcast on the same day at 09:00 CET. Details can be found here: https://lmkgroup.se/press-releases/press/?slug=invitation-to-presentation-of-lmk-groups-q2-2023-report

For further information, please contact:

Peter Bodor, Head of Corporate Communications, LMK Group
Telephone (SWE): +46 706 48 70 65
E-mail: peter.bodor@linasmatkasse.se

Walker Kinman, CEO, LMK Group
Telephone (SWE): +46 707 22 65 13
E-mail: walker.kinman@linasmatkasse.se
 
Erik Bergman, CFO, LMK Group
Telephone (SWE): +46 707 74 49 73
E-mail: erik.bergman@linasmatkasse.se

About LMK Group

LMK Group was founded in 2008 with the vision of simplifying everyday life by offering a large variety of inspiring meals delivered directly to the customer's front door. Today, the group is a leading supplier of meal kits in the Nordic region and a leader in Scandinavian foodtech. The group operates in Sweden, Norway and Denmark under the brands Linas Matkasse, Godtlevert, Adams Matkasse and RetNemt. In 2022, the Group generated SEK 1.1 billion in revenue and delivered approximately 17 million meals to its customers. LMK Group is listed on Nasdaq First North Premier Growth Market. Certified Adviser: FNCA Sweden AB, info@fnca.se

This information is information that LMK 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 persons set out above, at 2023-08-22 07:45 CEST.

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Datum 2023-08-22, kl 07:45
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