Hunyvers (ALHUN) H2 2024 earnings summary

Executive summary

• Achieved €130.3M in revenue for FY 2023/2024, up 15.9% year-over-year, driven by acquisitions and stable organic sales.

• Gross margin increased 9.2% to €26.0M, but EBITDA fell 39.9% to €3.7M and operating margin declined to 2.5% due to higher costs and inflation.

• Net income dropped 53.6% to €1.8M, reflecting margin pressure and increased financial expenses.

• Expanded presence in the leisure vehicle and nautical sectors, with 15 VDL and 12 boat concessions in France.

• Continued external growth strategy, especially in Nautisme, now 13% of revenue.

Financial highlights

• Revenue rose to €130.3M (+15.9% YoY), with organic sales nearly flat (-0.3%).

• Gross margin: €26.0M (+9.2%), margin rate at 20.0% (down from 21.2%).

• EBITDA: €3.7M (down from €6.2M), EBITDA margin at 2.9% (down from 5.5%).

• Operating income: €3.2M (-40.4%), margin at 2.5% (down from 4.8%).

• Net income: €1.8M (-53.6%), with financial charges rising to €1.2M.

Outlook and guidance

• Targeting revenue above €150M for FY 2024/2025, with >15% growth.

• Focus on operational efficiency, integration of recent acquisitions, and organic growth.

• Expecting normalization of stock and working capital by August 2025, with improved profitability in H2.

• Plans to reduce debt and return to positive cash generation.