EL.En. (ELN) H2 2023 earnings summary

Executive summary

• FY23 revenue rose 2.8% to €692.290m; EBITDA fell 4.6%, EBIT 10.2% and net income 12.5% YoY.

• Record Q4 revenue reached €199.278m, up 5.3% YoY; second-half cash generation improved year-end net financial position to €54.586m from €75.363m.

Financial highlights

• FY23 gross margin rose 4.7% to €261.430m; gross margin increased to 37.8% from 37.1%.

• EBITDA was €90.866m, down 4.6%; EBIT was €72.736m, down 10.2%; net income was €48.239m, down 12.5%.

• Q4 revenue rose 5.3% to €199.278m; EBITDA increased 4.7% to €28.985m while EBIT declined 9.2% to €20.958m YoY.

• Operating expenses rose 5.7% and staff expenses rose 13.2%; parent-company revenue declined 11.3% to €137.7m.

Outlook and guidance

• FY24 revenue and EBIT are expected to exceed FY23 levels; sales and order intake started slowly in the first two months, with acceleration expected thereafter.

• Delivery against guidance depends partly on industrial operations in China, where performance has been unstable and unpredictable.

• Technology innovations are planned for launch in 2024; medium- to long-term market prospects remain positive.