ELES Semiconductor Equipment (ELES) H2 2024 earnings summary

Executive summary

• All key financial indicators improved significantly in 2024, with revenue up 8.9%, EBITDA margin at 16.8%, and net cash position of €1.4M.

• Strategic international expansion included entry into India and strengthened presence in the US, with new customer acquisitions in both regions.

• Two patent applications were filed, and a research doctorate was initiated with the University of Perugia.

• The company maintained a strong focus on innovation, R&D, and partnerships, including with Fraunhofer Institute ENAS and proteanTecs.

Financial highlights

• Consolidated sales reached €35.7M, up 8.9% year-over-year; EBITDA rose 18.9% to €6M, with margin improving to 16.8%.

• Net income increased 55.5% to €1.2M; EBIT was €2.33M, up 8.7% from 2023.

• Net financial position shifted from €3.7M net debt to €1.4M net cash, driven by higher margins and improved working capital.

• Operating cash flow was €6.3M, with €2M invested in intangible and tangible assets.

Outlook and guidance

• 2025 is expected to be positive, supported by a growing commercial pipeline, though with some quarterly volatility.

• The global semiconductor market is forecast to grow 19% in 2024, reaching $627B, with further expansion to $1T by 2030.

• Strategic focus areas for 2025–2027 include production efficiency, internationalization (new centers in Singapore, Malaysia, and North America), and M&A opportunities.