Hortico (HOR) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached 114.57 million PLN, up 22.2% year-over-year, with all group companies contributing to growth.

• EBITDA for H1 2024 was 18.49 million PLN (+8.5% y/y), EBIT 17.02 million PLN (+6.5% y/y), and net profit 13.68 million PLN (+10% y/y).

• Q2 2024 saw revenue of 57.21 million PLN (+22.2% y/y) and net profit of 5.65 million PLN (+12.5% y/y).

• Growth was driven by new retail outlets (Mrówka stores), improved performance in all business lines, and strong results from subsidiaries.

Financial highlights

• H1 2024 revenue: 114.57 million PLN (+22.2% y/y); Q2 2024: 57.21 million PLN (+22.2% y/y).

• H1 2024 EBITDA: 18.49 million PLN (+8.5% y/y); EBIT: 17.02 million PLN (+6.5% y/y); net profit: 13.68 million PLN (+10% y/y).

• Q2 2024 EBITDA: 7.79 million PLN (+9.4% y/y); EBIT: 6.99 million PLN (+5.9% y/y); net profit: 5.65 million PLN (+12.5% y/y).

• Total assets at June 30, 2024: 119.44 million PLN (+16.1% y/y); equity: 69.65 million PLN (+9.5% y/y).

• Cash at period end: over 9 million PLN; short-term loans: 1.6 million PLN.

Outlook and guidance

• Management views the financial position and balance sheet structure as strong, supporting further growth.

• Continued expansion of retail network (Mrówka stores) remains a strategic priority.