Autoneum (AUTN) H2 2024 earnings summary

Executive summary

• Revenue in local currencies grew 4.2% to CHF 2,338.7 million, achieving all 2024 financial targets despite industry challenges.

• EBIT margin improved to 5.3%, with free cash flow rising to CHF 109.7 million, exceeding guidance.

• Recorded highest-ever order intake and a three-year rolling order book of CHF 7.8 billion, with CHF 3.2 billion in new business awards in 2024.

• Board proposes a dividend of CHF 2.8 per share, up CHF 0.3 from last year.

• Acquisition of majority shareholding in Jiangsu Huanyu Group and opening of new plants in India and China to support Asian growth ambitions.

Financial highlights

• Revenue reached CHF 2,338.7 million, up from CHF 2,302.3 million year-over-year, supported by the full-year consolidation of Borgers Automotive.

• EBIT increased to CHF 125.0 million (5.3% margin), up from CHF 99.2 million (4.3% margin) in 2023, driven by operational improvements.

• Free cash flow improved to CHF 109.7 million, above guidance but below 2023 due to prior year’s one-off acquisition outflow.

• Net debt decreased to CHF 399.2 million; net debt/EBITDA improved to 1.6.

• Equity ratio improved to 37%, with shareholders' equity rising to CHF 604.0 million.

Outlook and guidance

• 2025 revenue expected between CHF 2.3–2.5 billion, including Jiangsu Huanyu acquisition.

• EBIT margin guidance for 2025 is 5–6%; free cash flow around CHF 100 million, excluding one-off M&A outflows.

• Medium-term revenue target of CHF 3 billion remains on track, with M&A expected to contribute CHF 200–250 million.

• Flat global automobile production forecast for 2025, with recovery expected in the second half.