AIK Fotboll (AIK) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 increased to 65.6 MSEK from 57.0 MSEK year-over-year, and H1 revenue rose to 131.5 MSEK from 126.4 MSEK, driven by match, event, sponsorship, and merchandise sales.

• Operating loss improved to -8.9 MSEK in Q2 2024 from -11.6 MSEK in Q2 2023; H1 operating loss was -19.7 MSEK, an improvement from -24.4 MSEK, but losses persisted due to higher costs and lower transfer income.

• Net loss after tax for Q2 2024 was -7.0 MSEK, compared to -9.1 MSEK last year; H1 net loss was -14.7 MSEK, improved from -18.5 MSEK.

• Equity decreased to 50.5 MSEK as of June 30, 2024, from 90.0 MSEK a year earlier.

• Leadership changes included the resignation of Henning Berg in June and the appointment of Mikkjal Thomassen as head coach in July.

Financial highlights

• Revenue growth was driven by match/event income, sponsorships, and merchandise, while player sales contributed less than prior years.

• Cash flow for H1 2024 was -23.6 MSEK, a deterioration from -11.8 MSEK in H1 2023; Q2 cash flow was -33.2 MSEK.

• Equity per share fell to 2.31 SEK from 4.12 SEK year-over-year.

• Temporary credit facility of 11 MSEK secured, valid until September 30, 2024, and remains undrawn.

• EPS for Q2 was -0.32 SEK (-0.41 SEK prior year); H1 EPS was -0.67 SEK (0.18 SEK prior year).

Outlook and guidance

• Liquidity is sufficient to finance operations, assuming successful player transfers in the upcoming window.

• Cost reduction program initiated to address operating deficits in coming quarters.