Aliaxis (094124352) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 was €2,021.7 million, down 5.2% like-for-like and 3.7% reported year-over-year, reflecting challenging global market conditions.

• Net profit attributable to equity holders was €123.2 million, down 44.0% year-over-year, mainly due to the absence of a prior-year gain; excluding this, net profit declined 16.9%.

• Recurring EBITDA was €305.6 million (15.1% margin), down 13.1% like-for-like and 10.2% year-over-year.

• Leadership transition: Thierry Vanlancker appointed Managing Director, effective August 1, 2024.

• The group maintained a strong presence in over 40 countries with around 15,800 employees.

Financial highlights

• Recurring EBIT was €217.7 million (10.8% margin), down 18.9% year-over-year; reported EBIT was €193.2 million, down 23.1%.

• Gross profit decreased to €602.5 million from €633.7 million year-over-year.

• Basic EPS was €1.57, down from €2.80 in H1 2023.

• Contribution margin increased to 39.6% from 38.1% in H1 2023.

• Total comprehensive income for the period was €165.1 million, down from €190.0 million year-over-year.

Outlook and guidance

• Market challenges are expected to persist in H2 2024, with continued disciplined investment and agility.

• Upside potential anticipated from recent growth investments, especially in the US.

• Management expects continued focus on transformation and restructuring, particularly in Europe.