Brembo (BRE) Q2 2024 earnings summary

Executive summary

• H1 2024 revenues reached €2,004.8 million, up 2.8% year-over-year, with EBITDA at €351.4 million (+2.1%) and EBIT at €218.8 million (+0.4%).

• Net profit for H1 2024 was €156.3 million, down 6.8% from H1 2023, with a net margin of 7.8%.

• Net financial debt increased to €613.6 million at 30 June 2024, up from €454.8 million at year-end 2023.

• The Group completed a cross-border conversion to a Dutch N.V. and adopted new governance.

• Investment in digital innovation included acquiring a stake in Spoke Safety, a US V2X technology startup.

Financial highlights

• H1 2024 EBITDA margin was 17.5%, slightly down from 17.6% in H1 2023.

• Net financial expense in H1 2024 was €6.9 million, compared to €5.5 million income in H1 2023.

• Net investments totaled €186.5 million, with major projects in Mexico, China, and Poland.

• Earnings per share were €0.49, down from €0.52 in H1 2023.

• Operating cash flow was €139.6 million; cash and cash equivalents at period end: €374.8 million.

Outlook and guidance

• Moderate revenue growth and stable margins are expected for full-year 2024 despite a worsening automotive market outlook and geopolitical tensions.