Corporación Financiera Alba (ALB) H1 2024 earnings summary

Executive summary

• Consolidated net income for H1 2024 was €92 million, down from €147 million in H1 2023, mainly due to lower investee results, fair value declines, and impairments, partially offset by higher dividend income.

• Net Asset Value (NAV) decreased by 3.8% to €5,578 million (€92.49/share) as of June 30, 2024.

• Alba invested €46 million in H1 2024, with no divestments, and ended the period with net debt of €30 million.

• A dividend of €0.96/share (€58 million total) was distributed in June 2024.

Financial highlights

• Share of net results of associates was €79 million, down from €99 million in H1 2023.

• Impairment of financial assets increased to €27 million from €4 million year-over-year.

• EPS for H1 2024 was €1.52, compared to €2.48 in H1 2023.

• Net financial result improved to €28 million from €11 million in H1 2023.

Outlook and guidance

• The acquisition of Haynes International ($798 million) is expected to close in Q4 2024, pending regulatory approvals.