I.A.R. Systems Group AB (publ) Interim Report January – March 2024

Another quarter surpasses “the rule of 40”: 14% growth and an operating margin of 27%

First quarter January – March 2024

• Net sales were SEK 119.7m (107.7), with growth of 11.2% and 14.9% in local currency.

• EBITDA of SEK 46.9m (25.3), corresponding to an EBITDA margin of 39.2% (23.5).

• Adjusted EBITDA of SEK 49.0m (27.0), corresponding to an adjusted EBITDA margin of 40.9% (25.1).

• Operating profit of SEK 32.1m (11.4), corresponding to an operating margin of 26.8% (10.6).

• Adjusted operating profit of SEK 34.2m (13.1), corresponding to an adjusted operating margin of 28.6% (12.2).

• Capitalized work on own account amounted to SEK 10.3m (9.4).

• In a year-on-year comparison, currency translation had a negative impact of SEK 3.3m on net sales and a negative impact of SEK 2.2m on operating profit for the period.

• Cash flow from operating activities amounted to SEK 32.7m (26.1).

First quarter in brief
• President and CEO Richard Lind announced his departure for later in 2024.
• New CEO Cecilia Wachtmeister appointed to assume the role no later than October 1
• IAR launches the functional safety version of IAR Embedded Workbench for Arm