Financière de Tubize (TUB) H1 2024 earnings summary

Executive summary

• Dividend income from UCB for 2023 totaled €95.9 million, reflecting a 2.3% increase per share.

• Own dividend paid was €43.2 million, up 12.8% year-over-year.

• Equity increased to €1,889.5 million as of June 30, 2024, driven by a net profit of €92.9 million for the first half.

• UCB shareholding maintained at 36.24% after acquiring 7,791 shares for €1.04 million at an average price of €134.

• Bank debt was reduced from €79.2 million to €31.0 million during the period.

Financial highlights

• Net profit for H1 2024 was €92.9 million, up 2.1% from €91.1 million in H1 2023.

• Dividend received from UCB increased to €95.9 million (€1.36 per share).

• Operating expenses decreased to €879k from €928k year-over-year.

• Cost of borrowing rose to €2.07 million due to higher interest rates.

• Market capitalization rose to €4,638.2 million as of June 30, 2024, from €3,191.6 million at year-end 2023.

Outlook and guidance

• No significant impact from geopolitical events in Ukraine or the Middle East; ongoing monitoring of UCB's performance and dividend policy.

• Stake in UCB remains stable at 36.24% as of June 30, 2024.

• No significant post-balance sheet events reported.