GL Events (GLO) H1 2024 earnings summary

Executive summary

• H1 2024 revenue rose 19% year-over-year to €821m, driven by strong Live and Venues divisions and €158m from Paris 2024 Olympic and Paralympic Games projects.

• Net profit attributable to shareholders increased 24% to €39m, with a net margin of 4.6%.

• The group raised its 2024 revenue growth target to over 9% (previously 7%).

• Major events and international expansion, including the inauguration of the Anhembi site in São Paulo (€100m capex), supported growth.

• Major sustainability initiatives for the Olympics included 100% reuse or recycling of temporary structures.

Financial highlights

• Revenue rose 19% year-over-year to €821m; organic/like-for-like growth was 20–21%.

• EBITDA increased 14–16% to €146.9m, with margin between 14.2% and 17.9%.

• Current operating income up 20–21% to €87.7m–€81m; margin steady at 9.8–10.7%.

• Net income attributable to shareholders rose 24% to €39m; EPS increased from €1.05 to €1.31.

• Net debt increased to €560m, mainly due to high capex and working capital needs.

Outlook and guidance

• 2024 revenue growth now expected to exceed 9% (previously 7%), with stable net debt and capex of €115m.

• Minimum full-year growth in EBITDA and net profit attributable to shareholders of at least 13% over 2023.

• 2025 expected to benefit from major events and a favorable biennial effect in Exhibitions.

• Continued ESG policy rollout and focus on strategic growth areas.