Einhell Germany (EIN) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 increased by 9.6% year-over-year to EUR 576.2 million, driven by strong Power X-Change sales, now 51% of total revenue.

• Earnings before taxes and PPA rose 13.1% to EUR 50.9 million; net income after minorities reached EUR 35.5 million.

• Cash flow improved significantly, and current liabilities to banks decreased sharply.

• A three-for-one share split was completed to broaden investor access and boost market capitalization.

Financial highlights

• EBIT increased 10.0% year-over-year to EUR 52.6 million; pre-tax margin at 8.7%.

• Earnings per share (adjusted for split) rose 14.8% to EUR 3.1.

• Net debt reduced from EUR 156.1 million to EUR 16.6 million.

• Cash and cash equivalents rose to EUR 85.3 million from EUR 21.8 million year-over-year.

• Equity ratio improved to 46.3% from 42.8%.

Outlook and guidance

• Full-year 2024 guidance reaffirmed: revenue expected at EUR 1,030 million, margin before taxes and PPA at approx. 8.0%.

• Power X-Change platform expansion remains a strategic focus, targeting 450 products by 2027.

• Continued international expansion, with new investments in Kazakhstan and ongoing search for US acquisition.

• Cautious optimism for H2 2024 despite macroeconomic uncertainties.