Edil San Felice (ESF) H2 2024 earnings summary

Executive summary

• Production value rose 12.7% year-over-year to €51.6 million, driven by new contracts in both ordinary and extraordinary maintenance across Italy.

• Net profit was €6.54 million, down 23.1% from the previous year, with a proposed dividend of €0.07 per share (€1.5 million total).

• Backlog surged 67% to €136.1 million, reflecting significant business acceleration and major contract wins, including entry into the railway and aerospace sectors.

• Workforce expanded from 239 to 315 employees, supporting operational growth and strategic diversification.

Financial highlights

• EBITDA fell 19% year-over-year to €9.43 million (18.3% margin), mainly due to higher personnel and leasing costs, and increased use of third-party services.

• EBIT dropped 23.4% to €8.11 million; EBT decreased 22.2% to €8.03 million.

• Net financial position showed €2.82 million net cash, down from €5.09 million, impacted by higher VAT credits and capex.

• Free cash flow to debt service was negative at €-2.34 million, but net cash flow remained positive at €1.47 million.

Outlook and guidance

• Management expects continued business growth, supported by a new production site near Bologna and expanded internal capabilities.

• Ongoing investments in workforce, equipment, and digitalization aim to improve efficiency and quality.

• The new industrial site in Nola will enable in-house production of structural components, reducing costs and lead times.