Vaisala Corporation Interim Report January–September 2024

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Vaisala Corporation                Interim Report                October 24, 2024, at 9:00 a.m. (EEST)

Vaisala Corporation Interim Report January–September 2024

Solid third quarter with very strong orders received

This release is a summary of Vaisala’s Interim Report January–September 2024. The complete report is attached to this release as a pdf file. It is also available on the company website at www.vaisala.com/investors.

Third quarter 2024 highlights

• Orders received EUR 150.8 (119.7) million, increase 26%
• Order book at the end of the period EUR 220.4 (165.8) million, increase 33%
• Net sales EUR 136.6 (130.4) million, increase 5%
• Operating result (EBIT) EUR 24.1 (25.2) million, 17.7 (19.3) % of net sales
• Earnings per share EUR 0.53 (0.51)
• Cash flow from operating activities EUR 25.2 (18.5) million

January–September 2024 highlights

• Orders received EUR 421.2 (381.0) million, increase 11%
• Net sales EUR 397.1 (393.0) million, increase 1%
• Operating result (EBIT) EUR 54.9 (50.3) million, 13.8 (12.8) % of net sales
• Earnings per share EUR 1.17 (0.99)
• Cash flow from operating activities EUR 50.0 (54.2) million

Business outlook for 2024

Vaisala estimates that its full-year 2024 net sales will be in the range of EUR 540–570 million and its operating result (EBIT) will be in the range of EUR 68–78 million.

Market outlook for 2024

Markets for high-end industrial instruments and life science slowed down significantly during Q2/2023 and remained on a lower level until they started to gradually improve in Q3/2024. Similar development is expected to continue in Q4/2024. Markets for power and energy, and liquid measurements are expected to grow.

Markets for the more mature markets, meteorology, aviation, and roads, are expected to be stable. Market for renewable energy is expected to be stable.

Key figures

President and CEO Kai Öistämö

"Vaisala had a solid third quarter as we continued executing our strategy to grow as a global leader in measurement instruments and intelligence for climate action. One of the highlights was the acquisition of Speedwell Climate to further expand our subscription-based business. We experienced a good order intake despite the soft market environment. Boosted by a large weather radar order to Spain, our order book was all-time high at EUR 220 million. Compared to the previous year, our orders received grew by 26% and net sales by 5%. Our Q3 operating result was strong 17.7% of net sales.

Industrial Measurements business area continued to grow supported by early signs of recovery in the industrial instruments market in North America. The growth of orders received in industrial instruments as well as in power and energy market segment led to a 12% increase in orders received and 6% growth in net sales. The operating result margin returned to a high level of 26.9%.

Following a very strong Q2, Weather and Environment business area’s Q3 performance was solid. The Spanish weather radar order significantly contributed to a 36% growth in orders received. Net sales growth of 4% was driven by large orders received in the past quarter and an 18% growth in subscription sales. The operating result margin was good at 11.1%.

In October, we announced changes in Vaisala’s Leadership Team to continue our strategy execution and growth. Sampsa Lahtinen, EVP Industrial Measurements, will retire after a long and successful career. As of January 2025, Jarkko Sairanen, currently EVP Weather and Environment, will lead the Industrial Measurements business area. The leadership for Vaisala’s Weather and Environment business area will be divided between Anne Jalkala and Samuli Hänninen to drive growth in renewable energy and subscription sales. Anne Jalkala, currently Chief Strategy and Sustainability Officer, was appointed to lead the Weather, Energy and Environment business. Samuli Hänninen joins the leadership team and continues to lead the Xweather business. Our financial reporting structure remains unchanged. I want to give my warmest thanks to Sampsa for his great contribution and wish him, Jarkko, Anne, and Samuli all the best for their future endeavors.

Despite the continuingly uncertain business environment, we continue to estimate that our full-year 2024 net sales will be in the range of EUR 540–570 million and operating result (EBIT) in the range of EUR 68–78 million.”

Audiocast and teleconference
An audiocast and a conference call for analysts, investors and media will be held in English on Thursday, October 24, 2024, starting at 1:00 p.m. (Finnish time).

You can participate in the live audiocast via following link: https://vaisala.videosync.fi/q3-2024

Questions may be presented by participating in the teleconference. You can access the teleconference by registering on the link below. After the registration, you will receive an email with the dial-in numbers and a conference ID. https://palvelu.flik.fi/teleconference/?id=50048553

A recording will be available at vaisala.com/investors later the same day.

Further information
Paula Liimatta
+358 9 8949 2020, ir@vaisala.com
Vaisala Corporation

Distribution
Nasdaq Helsinki
Key media
vaisala.com

Vaisala is a global leader in measurement instruments and intelligence for climate action. We equip our customers with devices and data to improve resource efficiency, drive energy transition, and care for the safety and well-being of people and societies worldwide. With almost 90 years of innovation and expertise, we employ a team of over 2,300 experts committed to taking every measure for the planet. Vaisala series A shares are listed on the Nasdaq Helsinki stock exchange. vaisala.com

Attachment

• Vaisala Q324 report_EN