Etex (094124453) H2 2024 earnings summary

Executive summary

• Delivered solid performance in line with forecasts despite a drastic demand drop in construction, especially in Europe.

• Maintained resilience through proactive cost management, energy savings, and customer focus.

• Commissioned a new plasterboard plant in Bristol, UK, marking the largest capital expenditure in company history.

• Completed acquisition of BGC's plasterboard and fibre cement businesses in Australia and New Zealand, contributing to growth.

• Achieved significant progress in sustainability, including decarbonisation, recycling, and waste reduction.

Financial highlights

• Revenue reached EUR 3.777 billion, down 0.8% year-over-year; like-for-like decrease of 2.7%.

• REBITDA was EUR 695 million, down 2.4% (like-for-like -5.1%), with a margin of 18.4%.

• Net recurring profit (Group share) was EUR 264 million, down 2.9% year-over-year.

• Net profit (Group share) dropped 37.8% to EUR 166 million, impacted by currency and hyperinflation.

• Free cash flow before dividends, acquisitions, and divestments was EUR 185 million.

Outlook and guidance

• Market demand volatility expected to persist through most of 2025.

• Aims for stable performance across all businesses, continued investment in manufacturing, and advancing sustainability.

• Expects improvements in some markets and remains positioned for growth as demand for sustainable housing rises.