Ecoslops (ALESA) H1 2024 earnings summary

Executive summary

• Consolidated revenue for H1 2024 reached €6.2M, up 30% year-over-year on a comparable basis, driven by strong growth in refined products (+35%) and port services (+15%).

• The sale of the Ecoslops Provence subsidiary to TotalEnergies was completed in February 2024, with the entity deconsolidated as of January 1, 2024.

• EBITDA improved from -€0.3M to +€0.3M, reflecting operational efficiencies and cost reductions.

• Net loss narrowed significantly to -€1.0M from -€5.8M in H1 2023 (proforma -€1.9M), mainly due to the absence of losses from the divested Provence unit.

• Personnel and other expenses were reduced by €0.3M due to a savings plan, partially offset by higher costs in Portugal.

Financial highlights

• Revenue: €6.2M (+30% year-over-year at constant scope).

• Gross margin: €3.7M (60% margin, down 6 points due to swap contract settlements and higher maritime transport costs).

• EBITDA: €0.3M (vs. -€0.3M in H1 2023; up €0.6M year-over-year).

• Net result: -€1.0M (vs. -€5.8M in H1 2023; proforma -€1.9M).

• Cash position at June 30, 2024: €7.8M, up from €3.2M at year-end 2023.

Outlook and guidance

• Focus on long-term restructuring of BEI/EIB mezzanine debt (€9.0M nominal, due 2027).

• Renewal of the Sines port concession and securing medium-term feedstock supply.

• Continued deployment of Scarabox units/technology in Cameroon, Côte d'Ivoire, and other markets.