Ackermans & Van Haaren (ACKB) Q2 2024 earnings summary

Executive summary

• Net result for 1H24 reached €200.4 million, up 17% from €170.7 million in 1H23, driven by strong contributions from core segments, especially Marine Engineering & Contracting and Private Banking.

• Core segment contributions increased 50% to €224.2 million, with record performances in Marine Engineering & Contracting and Private Banking.

• Equity per share increased by 4.4% since December 2023, including a gross dividend of €3.40 distributed in June 2024.

• Significant cash reserves are being actively deployed, including a €150 million investment in V.Group.

• AvH was included in the ESG Global 50 Top Rated 2024 list by Sustainalytics, reflecting its sustainability commitment.

Financial highlights

• Revenue increased 19% year-over-year to €2,885.6 million, mainly due to DEME and Bank Van Breda.

• Net profit (group share) reached €200.4 million, up from €170.7 million in 1H23.

• Shareholders' equity: €5,020.8 million at 1H24, up from €4,914.0 million at end 2023.

• Net cash position: €438 million at June 30, 2024.

• Net result per share: €6.13 in 1H24 vs €5.16 in 1H23.

Outlook and guidance

• Net profit for 2024 expected to exceed 2023's €399.2 million, barring unforeseen circumstances; guidance reconfirmed in August 2024.

• DEME anticipates full-year turnover growth of ~20%, capex between €300–350 million, and EBITDA margin comparable to 2023.

• CFE expects a moderate decrease in FY2024 turnover and net profit close to FY2023, with mid/long-term growth potential.

• SIPEF expects recurring result for 2024 to be slightly lower than 2023 due to ongoing impact from volcanic eruption.