Edil San Felice (ESF) H1 2024 earnings summary

Executive summary

• Production value reached €24.6 million in 1H24, up 12% year-over-year, driven by new contracts in both ordinary and extraordinary maintenance, and expansion into the railway sector.

• EBITDA rose 5% year-over-year to €5.7 million, with a 23% margin, reflecting higher production and cost efficiencies.

• Net profit for 1H24 was €4.28 million, up 2.5% compared to 1H23.

• Backlog increased 42.6% to €114.8 million, supported by major new contracts, including entry into railway maintenance.

• Workforce expanded to 291 employees and vehicle fleet grew to over 200 Euro 6 vehicles by June 2024.

Financial highlights

• Revenue from sales was €21.2 million, up 15.4% year-over-year.

• EBITDA margin was 23.1% in 1H24, slightly down from 25.2% in 1H23.

• EBIT reached €5.13 million, up 1.1% year-over-year.

• Net cash position improved to €6.5 million at June 2024, from €5.1 million at December 2023.

• Capex rose to €6 million in 1H24, mainly for new operational sites and industrial facilities.

Outlook and guidance

• Positive growth signals expected to continue, with further expansion in Northern Italy and increased internal production capacity.

• New Bologna site to be completed by October 2024, enhancing national presence.

• New industrial site in Nola to start operations in 1H25, focusing on road signage and metal carpentry.