Heliospectra reported net sales of SEK4.4m, a c56% decline y/y and 60% below our expectations of SEK11.1m. The deviations are due to production delays with the new ELIXIA and DYNA platforms (now solved) and orders coming in later than anticipated. However, management expects these sales to recover in Q3. Order intake was SEK8.1m, marginally below (diff 5%) our forecast of SEK8.5m. OPEX amounted to SEK8.8m, a decrease of 7% y/y and in line with our SEK9m estimate. Due to a lower topline than forecasted, EBIT was lower than expected at SEK2.1 vs our SEK5m estimate. However, one should note that EBIT was affected by a one-time revenue item of SEK9m. If we adjust for this one-time effect, EBIT comes down to -SEK6.9 m.

With the headwinds from 2023 fading—due to dropping energy prices, resolved input shortages, and declining interest rates—the greenhouse segment market has now normalized. With a strong H1 order intake of SEK35m (SEK6.8m above the total order intake in 2023), expectations for H2 are high. The CEO, Bonny Heeren, states, “The groundwork laid in Q1 and Q2 has set the stage for a promising second half of the year. We anticipate growth driven by our new product releases and the deepening of our customer relationships. Looking ahead, we are particularly excited about the expansion of our strategic partnerships.”

Following the Q2 2024 report, we have adjusted our estimates, notably reducing our 2024e sales forecast by 17%. However, we have increased our 2025-2026e sales estimates by 12%, as we believe the new product and service range can effectively target larger greenhouse projects. Our adjustments leave our fair value range intact at SEK0.4-SEK3.1 per share with a Base case of SEK1.3. Heliospectra is currently trading at an EV/Sales multiple of 1.1x based on 2024e and EV/EBIT 3.0x on 2026e.