Ackermans & Van Haaren (ACKB) Q3 2024 earnings summary

Executive summary

• Portfolio companies delivered excellent performance in Q3 2024, maintaining strong momentum from H1 2024.

• Net profit for 2024 is projected to be well above €400 million, driven by core participations DEME, Delen Private Bank, and Bank Van Breda.

• New investments in V.Group, Confo Therapeutics, Nextensa, and SIPEF further strengthened the portfolio.

• Robust net cash position of €294.8 million as of September 30, 2024, despite significant investments.

• Strengthened partnership with the Delen family for long-term strategy in private banking.

Financial highlights

• DEME's revenues for the first nine months of 2024 grew 32% year-over-year, with Offshore Energy up 52%.

• CFE's turnover decreased by 4.2% in the first nine months of 2024 compared to the same period last year.

• Delen Private Bank and Bank Van Breda's total client assets rose 12% year-to-date, reaching €73.1 billion.

• Nextensa reported a net result of €20.9 million for the first nine months, slightly down from €21.8 million last year.

• SIPEF expects a recurring result between $60–70 million for 2024, despite a 9% drop in palm oil production.

Outlook and guidance

• AvH confirms full-year 2024 net profit will be well above €400 million.

• DEME raised guidance, expecting turnover growth to exceed 20% year-over-year with stable EBITDA margin.

• CFE anticipates a moderate revenue contraction but a net result close to 2023.

• Nextensa expects slightly higher rental income and continued strong sales at Park Lane phase II.

• SIPEF forecasts solid results for 2024, with net financial debt position stable year-end.