Compagnie d'Entreprises CFE (CFEB) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 was €600.7 million, down 6.4% year-over-year from €641.7 million in H1 2023.

• Net income attributable to the group was €4.2 million, a significant decrease from €12.5 million in the prior year period.

• EBITDA increased to €21.7 million from €20.0 million year-over-year, up 8.4%.

• Mixed results for the half year, with resilience shown amid challenging economic conditions expected to persist into 2025.

• End of some loss-making projects, providing potential for future upside.

Financial highlights

• Operating income (EBIT) dropped to €4.6 million from €17.2 million year-over-year.

• Equity at €230.2 million, net financial debt increased to €139.5 million from €93.3 million at FY2023.

• Order book rose 11.2% since FY2023, reaching €1,410.7 million.

• Financial result improved to €3.6 million from €0.3 million, mainly due to recycling of exchange gains and higher realized FX gains.

• Working capital requirement improved to €(11.2) million from €(50.9) million at year-end.

Outlook and guidance

• Real estate market disruptions in Belgium and Luxembourg expected to continue in the short term.

• Moderate revenue contraction anticipated for 2024, but net income is expected to be close to 2023 levels.

• No significant subsequent events or changes in financial and commercial situation since June 30, 2024.

• The construction activity is seasonal, with higher cash use in the first half; H1 results are not indicative of full-year performance.