Guillemot (GUI) H1 2024 earnings summary

Executive summary

• Turnover rose 16% year-over-year to €56.0m in H1 2024, with net operating income at €3.6m versus a €3.9m loss in H1 2023.

• Consolidated net income reached €2.5m, reversing a €2.9m loss in the prior year period.

• Gross profit margin improved to 56%, up from 45% in H1 2023.

• Thrustmaster signed a three-year strategic sales agreement with JD.com to expand in China.

• New product launches and partnerships are expected to drive further growth in H2 2024.

Financial highlights

• Net income from ordinary activities was €3.6m, up from a €3.9m loss year-over-year.

• Earnings per share improved to €0.17 from -€0.19 year-over-year.

• Net financial expense of €0.3m included a €1.2m unrealized loss on Ubisoft shares.

• Net capitalized R&D costs increased by €0.6m to €11.1m.

• Net cash from operating activities was €10.1m, up from -€2.7m in H1 2023.

Outlook and guidance

• Forecasts sales growth and net operating profit for full-year 2024.

• Major new product launches and leveraging Microsoft Flight Simulator 2024 partnership expected in Q4.