Assystem (ASY) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached €301.3 million, up 6.7% year-over-year, with 5.8% organic growth and strong nuclear activity, especially internationally.

• EBITA rose 17.8% to €18.5 million, with margin improving to 6.1% from 5.6% in H1 2023.

• Net profit attributable to owners dropped to €5.0 million from €21.0 million, mainly due to non-recurring items and Expleo Group's negative contribution.

• Net cash position improved to €14.7 million at June 30, 2024, from net debt of €52.2 million at year-end 2023, aided by the Framatome stake sale.

• Two acquisitions (L&T Infra and KEOPS Automation) were completed, and activities in the Pacific region were sold.

Financial highlights

• France accounted for €189.6 million revenue (+1.7%), international revenue grew 16.4% to €111.7 million; nuclear activities made up 73% of total H1 2024 revenue.

• Group EBITA margin improved to 6.1% from 5.6% year-over-year; France's EBITA margin rose to 6.0%, international margin was 9.0%.

• Free cash flow for H1 2024 was negative €15.9 million, improved from negative €27.5 million in H1 2023.

• Interim dividend of €104.2 million paid in April 2024, with €81.4 million balance paid in July 2024; total dividend payout for 2023 was €185.6 million.

• Market capitalization was €804 million as of 30 August 2024; share price €51.2.

Outlook and guidance

• Full-year 2024 revenue is targeted at around €620 million, with an EBITA margin of approximately 7%, assuming stable economic and exchange rate conditions.

• Guidance incorporates the impact of recent acquisitions and the sale of Pacific region activities.