Corporación Financiera Alba (ALB) H2 2024 earnings summary

Executive summary

• Consolidated net income for 2024 was €98 million, down from €234 million in 2023, mainly due to lower fair value of investments, reduced dividends, and impairments, partially offset by higher results from associates and smaller real estate fair value declines.

• Net Asset Value (NAV) decreased by 1.1% to €5,733 million (€95.07 per share) at year-end 2024.

• Share price surged 73.5% to €83.30 per share, driven by the December 2024 announcement of a delisting Public Tender Offer at €84.20 per share.

• Investments totaled €102 million and asset sales €19 million, resulting in net debt of €13 million at year-end.

• Dividend of €0.96 per share (€58 million) was distributed in June 2024.

Financial highlights

• Share of net results from associates rose to €177 million (from €161 million in 2023).

• Rental and other income fell to €18 million (from €53 million), and fair value adjustments in real estate were negative €3 million (vs. negative €19 million in 2023).

• Impairment of financial assets increased to €54 million (from €42 million), and variation in fair value of financial instruments was negative €48 million (vs. positive €125 million in 2023).

• Operating expenses decreased to €43 million (from €101 million).

• EPS for 2024 was €1.63, down from €3.88 in 2023.

Outlook and guidance

• Public Tender Offer for delisting at €84.20 per share is pending regulatory approval, with treasury share acquisitions ongoing in early 2025.

• Acquisition of a 6% indirect stake in Nord Anglia Education for ~$600 million expected to close by mid-March 2025.

• Sale of 23.71% stake in Profand for €127 million in February 2025, generating €23 million in capital gains since 2021.