BF (BFG) H1 2024 earnings summary

Executive summary

• Revenue reached €716.4 million in H1 2024, up 4% year-over-year, with production value increasing 6.5% to €765 million, driven by growth in CAI, Agro-industrial, Sementi segments, and the sale of FieldEd S.p.A.

• EBITDA rose 30% to €52 million, and net profit increased to €15 million from €5 million in H1 2023.

• The group expanded internationally, acquiring Agriconsulting Europe SA and launching projects in Ghana and Algeria.

• Dividend of €0.044 per share was distributed, totaling €11.5 million.

Financial highlights

• Revenue: €716.4 million (+4% YoY); Value of production: €765.1 million (+7% YoY); EBITDA: €52 million (+30% YoY); EBIT: €28.4 million (+73–75% YoY).

• Net profit: €15 million (+203% YoY); ROE: 1.49% (vs. 0.71% in H1 2023).

• Net financial debt increased to €141 million from €8 million at end-2023, mainly due to working capital absorption and investments.

• Financial management result was negative €11 million, compared to negative €9 million in H1 2023, due to higher interest rates and consolidation scope.

Outlook and guidance

• The group continues to focus on international expansion, innovation, and sustainability, in line with the 2023–2027 industrial plan.

• No direct or indirect exposure to Russian, Ukrainian, or Israeli-Palestinian markets; performance is tied to global macroeconomic trends.

• Market conditions remain uncertain due to geopolitical tensions and commodity price volatility, but the group expects stable demand and ongoing growth in key segments.