Foamit (FOAMIT) H1 2024 earnings summary

Executive summary

• Net profit and cash reserves increased significantly in H1 2024, with strategy execution progressing as planned.

• Sale of Finda and Telebusiness InWest shares for €29.1 million strengthened liquidity and supports future strategic actions.

• Main business Foamit Group secured major orders and began €10 million capacity investment in Norway.

Financial highlights

• Revenue was €19.6 million, down from €28.0 million year-over-year, mainly due to KPA Unicon's exit.

• EBITDA was €3.7 million (previous year: €5.9 million); EBIT was €1.2 million (previous year: €2.8 million).

• Net profit was €5.3 million, up from a €0.1 million loss year-over-year; EPS was €0.15 (previous year: €-0.00).

• Cash at period end was €29.6 million, up from €6.8 million; net cash flow was €23.4 million.

• No dividend was distributed for 2023.

Outlook and guidance

• Focus remains on growing Foamit Group, divesting non-strategic holdings, and seeking new sustainable investments.

• Construction market expected to remain challenging, but Foamit Group's infra market position is strong.

• No short-term guidance provided due to business nature.