Berentzen-Gruppe (BEZ) Q4 2023 earnings summary

Executive summary

• FY 2023 revenue rose 6.6% to €185.7m, while gross profit fell 2.5% and EBIT declined 7.6% amid cost inflation.

• Consolidated profit fell 58.8% to €0.9m; higher net debt and interest rates weighed on the financial result.

Financial highlights

• Revenue increased to €185.650m from €174.216m; total operating performance rose 4.0% to €186.114m.

• Gross profit decreased 2.5% to €77.252m; gross margin fell to 41.5% from 44.3%.

• EBITDA declined 3.9% to €16.0m; EBITDA margin was 8.6% versus 9.3%.

• EBIT fell 7.6% to €7.705m; EBIT margin declined to 4.1% from 4.7%.

• Profit before tax dropped 49.6% to €2.102m and consolidated profit fell 58.8% to €0.865m.

Outlook and guidance

• FY 2024 estimates: revenue €190.0m, EBITDA €17.2m and EBIT €8.0m, versus FY 2023 actuals of €185.7m, €16.0m and €7.7m.

• Longer-term 2028 estimates: revenue €235m, EBITDA €28m and EBIT €18m.