Arbonia (ARBN) H2 2024 earnings summary

Executive summary

• Strategic focus shifted to Interior Doors after divesting the Climate division, with proceeds of EUR 742M and sale closing in February 2025.

• Acquisition of Dimoldura/Lignis established market leadership in continental Europe and expanded into Spain, France, Portugal, and Czechia.

• Operational efficiency gains, automation, and a new CHP plant reduced energy costs and emissions.

• Streamlined organization and reduced Board size to lower corporate costs.

• Contractor services strengthened and production optimized.

Financial highlights

• Pro-forma net revenues for 2024 reached CHF 604.4M, with adjusted EBITDA at CHF 48.7M and an 8.1% margin.

• Reported net revenues from continuing operations were CHF 556.3M, up 10.2% year-over-year; organic growth was -5.4%.

• EBITDA (reported) was CHF 66.3M, including CHF 24.6M in one-time effects and CHF 10.2M from acquisitions; EBIT at CHF 16.9M.

• Group net profit was CHF 8.3M, with one-time items contributing CHF 21.4M; EPS was CHF 0.12.

• Free cash flow improved to CHF 10M as Capex declined by 14% year-over-year.

Outlook and guidance

• 2025 guidance targets 3–5% net revenue growth from CHF 604M pro-forma base and ~CHF 60M adjusted EBITDA.

• Capex expected to decline further as major investments conclude; cash flow improvement anticipated.

• Shareholders to receive proceeds from the Climate Division sale, including a CHF 4.00 nominal value reduction and extraordinary dividend.

• Market share gains and margin improvement expected from automation, new geographies, and project business.

• Further growth in contractor services and expansion in southern and eastern Europe expected.