Ernst Russ (ERAG) H2 2024 earnings summary

Executive summary

• FY2024 revenue was €172.7m and EBIT €67.7m; fleet utilization reached 96.4% despite lower average charter rates and a challenging operating environment.

• The fleet comprised 29 vessels with a market value of USD 477m; fixed revenue backlog was ~USD 302m at year-end.

Financial highlights

• Revenue declined to €172.7m from €203m YoY; EBITDA was €93m versus €117m and EBIT was €67.7m versus €87m.

• EBITDA margin was 53.9%; net income after minorities was €42.5m and EPS was €1.26.

• Average charter rate fell to USD 17,457/day from USD 20,091/day; OPEX rose to USD 7,080/day from USD 6,304/day.

• Operating cash flow was €98.5m; year-end liquidity increased to €110.7m from €67.3m.

Outlook and guidance

• FY2025 revenue guidance is €147–167m, including €136.8m contracted revenue; 2024 revenue was €172.7m.

• FY2025 EBIT from ship operations is forecast at €43–73m; EBIT including €32m vessel sales is forecast at €75–105m.

• FY2025 utilization is forecast at 95%, compared with 96.4% in 2024.