Autohellas (OTOEL) Q4 2024 earnings summary

Executive summary

• Achieved a third consecutive year with earnings before tax exceeding €100 million, marking 68 years of uninterrupted profitability.

• Sustained strong results post-COVID, adapting to changing market dynamics and maintaining high profitability despite industry volatility.

• Diversified revenue streams across rent-a-car, leasing, car trade, and financial investments, with notable contributions from listed investments.

Financial highlights

• EBITDA reached approximately €280 million for 2024.

• Profit before tax was €106 million; profit after tax and minorities was €84.8 million, up 9.9% year-over-year.

• Revenue was just under €1 billion, rising to €1.135 billion including joint ventures.

• Dividend increased from €0.70 to €0.85 per share, maintaining a ~50% payout ratio.

Outlook and guidance

• Expect continued marginal declines in used car values, but profitability supported by retail and wholesale operations.

• Anticipate 5%-7% growth in arrivals to Greece, supporting sector expansion by 8%-10% in rental activity.

• Projected marginal additional pricing pressure in rent-a-car, with improved seasonality.

• Car trading market expected to remain flat or slightly decline, with portfolio strengthened by new brands by 2026.

• Leasing fleet expected to grow, supported by limited expirations and gradual market improvement.