Compagnie Chargeurs Invest (CRI) Q2 2024 earnings summary

Executive summary

• Group revenue rose 11.1% like-for-like to €374.3m in H1 2024, with recurring operating profit up 33.9% to €17.0m and EBITDA up 20.8% to €29.6m, driven by strong performances across all business lines and geographies.

• Operating cashflow reached €39.6m, supporting a €32.4m reduction in net debt and a €39.7m increase in shareholders' equity, now at nearly €300m.

• Net profit was -€3.4m, impacted by exceptional expenses related to restructuring and the public tender offer.

• Successful public tender offer by Groupe Fribourg and partners increased their stake to 67.6%, realigning capital structure for long-term growth.

• Dividend payments are expected to resume in 2025, reflecting improved operating performance.

Financial highlights

• Revenue: €374.3m (+11.1% like-for-like year-over-year); EBITDA: €29.6m (+20.8%); recurring operating profit: €17.0m (+33.9%).

• Gross margin improved to 26.5% (up 0.9pt year-over-year), totaling €99.3m.

• Net income impacted by exceptional expenses, resulting in a net loss of €3.4m.

• Operating cashflow: €39.6m (x44 vs H1 2023); net debt reduced by €32.4m to €218.7m.

• Shareholders' equity at €292.1m, up €39.7m from December 2023.

Outlook and guidance

• Focus for H2 2024 on improving profitability and cash generation, with continued sales momentum expected, especially in the USA and Asia.

• Museum Studio targets €150m revenue for 2024, with a project pipeline valued at over €300m.

• Integration of Cilander to drive new market opportunities for Chargeurs PCC.

• Leverage ratio target of below 3.5x by year-end 2024.

• Dividend payments anticipated to resume in 2025.