GVS (GVS) H2 2023 earnings summary

Executive summary

• FY2023 sales rose 9.6% YoY to €424.7m, while adjusted EBITDA increased 20.3% to €95.1m; adjusted NFP improved by €48.3m to €252.1m.

• Growth was led by Healthcare and Safety; Mobility remained affected by client de-stocking.

Financial highlights

• Total revenues were €432.4m in FY2023 vs. €392.0m in FY2022; sales and services revenue was €424.7m vs. €387.6m.

• Adjusted EBITDA was €95.1m vs. €79.0m; reported EBITDA was €92.8m vs. €67.4m, with non-recurring adjustments of €2.3m in FY2023 and €11.6m in FY2022.

• Adjusted EBIT was €67.4m vs. €54.8m; adjusted net profit was €31.4m vs. €46.5m.

• Reported net profit was €13.6m vs. €24.1m; FY2023 financial charges included €10.7m of FX losses, while FY2022 financial proceeds included €14.4m of FX gains.

Outlook and guidance

• Q1 2024 revenue expected to be stable YoY, with residual de-stocking effects on Healthcare and Mobility orders; gradual sales-volume recovery expected in H2 2024.

• FY2024 guidance: low-to-mid single-digit sales growth vs. FY2023, 100–200 bps EBITDA margin accretion, and leverage near 2.0x.

• Profitability recovery expected to continue, supported by efficiency actions in progress.