Aquafil (ECNL) Q4 2024 earnings summary

Executive summary

• Profitability increased by 31% year-over-year, with EBITDA reaching €62.4 million in FY24 despite a 5.2% revenue decline to €542.1 million, driven by higher volumes, cost reductions, and strategic focus on sustainability.

• ECONYL and regenerated products accounted for 55% of fiber revenues, reflecting sustainability progress.

• Volume sold increased by 6.9%–7% year-over-year, mainly driven by the polymers business line.

• EMEA and Asia Pacific regions posted positive results, while the US market underperformed but showed signs of recovery in carpet fibers.

• A capital increase raised approximately €40 million, strengthening the balance sheet and supporting ongoing business plan execution.

Financial highlights

• FY24 revenues were €542.1 million (down 5.2% year-over-year); EBITDA was €62.4 million (up 31.3%); EBITDA margin improved to 11.5% from 8.3%.

• Net loss improved by 36.9% to €16.3 million; EBIT margin rose to 0.6% from -1.5%.

• Net financial position improved to €213.5 million from €242.8 million; NFP/EBITDA ratio reduced to 3.42x.

• Depreciation and amortization rose to €54 million in 2024 due to new assets and lease renewals.

• Personnel and raw material costs decreased, supporting margin expansion.

Outlook and guidance

• Order intake for early 2025 aligns with the business plan for polymers and carpet fibers; garment fibers remain subdued.

• 2025 guidance reaffirmed, with expectations of rising EBITDA and volumes across all product lines, supported by competitor exits.

• Strategic focus remains on debt containment, technological innovation, and sustainability.

• Energy costs returning to budgeted levels; price increases implemented in Europe and planned for the US to offset inflation.

• Economic and financial targets of the 2024-2026 Industrial Plan reaffirmed.