Foamit (FOAMIT) H2 2023 earnings summary

Executive summary

• FY 2023 operating profit turned positive at €2.6m from a €18.9m loss; the improvement reflected the loss-making KPA Unicon business leaving consolidation and stronger results from the glass-foam subsidiary.

• The glass-foam subsidiary maintained a strong order book and improved operating profit, while construction conditions remained challenging and no short-term guidance was issued.

Financial highlights

• FY revenue was €50.4m vs. €85.4m; EBITDA €8.2m vs. -€2.9m; reported EBIT €2.6m vs. -€18.9m; net loss €0.6m vs. €24.1m.

• H2 revenue was €22.4m vs. €46.2m; EBITDA €2.3m vs. €0.4m; EBIT -€0.3m vs. -€11.5m; net loss €0.5m vs. €16.4m.

• FY comparable operating EBIT was €2.6m vs. -€10.9m; EPS was -€0.02 vs. -€0.67.

• FY revenue included €43.7m from the glass-foam subsidiary and €6.7m from KPA Unicon, consolidated only through April 2023.

Outlook and guidance

• No short-term outlook was issued due to the updated strategy and nature of the business.

• The 2024 plan focuses on seeking new investments, exiting non-strategic holdings, and assessing the glass-foam subsidiary, including potential ownership changes and joint development.

• Construction conditions are expected to remain challenging in 2024, but infrastructure construction is expected to outperform residential construction, supporting market positioning.