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Manz (M5Z) investor relations material
Manz Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenues for the first nine months of 2024 declined 31.4% year-over-year to €133.7 million, mainly due to weak demand in the battery sector and challenging market conditions in Europe and North America.
Net loss of €25.4 million compared to a net profit of €6.9 million in the prior year, impacted by impairments and order cancellations.
Strategic repositioning underway, including plans to divest the battery cell business and focus on industrial automation, electronics, and semiconductor packaging.
New strategic investor acquired a stake (18–20%), raising €9.9 million in fresh capital.
Restructuring program initiated, including sale of Hungarian subsidiary and executive board changes.
Financial highlights
EBITDA for 9M 2024 was -€13.3 million (margin -9.3%), down from €19.5 million (margin 9.3%) in 9M 2023; EBIT was -€20.9 million (margin -15.6%), compared to €10.8 million (margin 5.5%) in 9M 2023.
Q3 2024 revenue was €35.1 million, a 33.7% decrease from Q3 2023; Q3 net loss was €15.2 million.
Cash flow from operating activities improved to -€14.1 million from -€23.7 million year-over-year; cash and cash equivalents fell to €14.2 million as of September 30, 2024.
Net debt increased to €46.0 million due to lower cash and cash equivalents.
Equity ratio decreased to 28.5% as of September 30, 2024, from 35.8% at year-end 2023.
Outlook and guidance
Revenues for 2024 expected between €170–180 million; EBITDA between -€20 and -€25 million; EBIT between -€30 and -€35 million, excluding further impairment losses.
No improvement anticipated in the challenging market environment; order intake and backlog remain significantly below prior year.
Significant impairment losses, especially on goodwill in Mobility & Battery Solutions, expected at year-end.
Efficiency program aims for cost savings in the lower double-digit million euro range over three years, with first positive effects in 2025.
Strategic focus shifting to industrial automation, electronics, and semiconductor packaging; battery cell business to be sold.
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