Hortico (HOR) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 reached 143.64 million PLN, up 24.9% year-over-year, with all group companies contributing to growth.

• EBITDA for the period was 14.18 million PLN (+14% y/y), EBIT 12.02 million PLN (+10.5% y/y), and net profit 9.91 million PLN (+16.7% y/y).

• Q3 2024 sales grew 36.8% y/y to 29.07 million PLN, but the quarter remained loss-making due to seasonal factors, with a net loss of 3.78 million PLN.

• The balance sheet total increased to 107 million PLN, with equity at 65.9 million PLN and low short-term debt.

Financial highlights

• Group sales for Q1-Q3 2024: 143.64 million PLN (+24.9% y/y); Q3: 29.07 million PLN (+36.8% y/y).

• EBITDA Q1-Q3: 14.18 million PLN (+14% y/y); Q3: -4.31 million PLN (loss, but improved y/y).

• EBIT Q1-Q3: 12.02 million PLN (+10.5% y/y); Q3: -5.00 million PLN (loss, improved y/y).

• Net profit Q1-Q3: 9.91 million PLN (+16.7% y/y); Q3: -3.78 million PLN (loss, improved y/y).

• Total assets: 107.4 million PLN (+13.3% y/y); equity: 65.9 million PLN (+10% y/y).

Outlook and guidance

• No financial forecasts were published for 2024.

• Management assesses the financial position as strong, with a focus on expanding retail and hobby lines.