Hunyvers (ALHUN) Q4 2024 TU earnings summary

Executive summary

• Revenue grew 15.9% year-over-year to €130.3M for FY 2023-2024, driven by both VDL and Nautisme segments.

• Q4 revenue increased 13.7% year-over-year, with Nautisme showing strong growth.

• Operating margin rebounded in H2, expected to exceed 5.5%, but full-year margin will not surpass last year’s 4.8%.

Financial highlights

• Consolidated revenue reached €130.3M, up from €112.4M the previous year.

• VDL segment revenue rose 4.1% to €113.3M; Nautisme surged 377.3% to €16.9M, mainly from acquisitions.

• Organic sales were nearly flat (-0.3%), with VDL up 0.1% and Nautisme down 14.7%.

• Q4 Nautisme revenue grew 274% to €7.5M, representing 19.1% of total quarterly sales.

• New vehicle sales increased 15.4% for the year; used vehicle sales declined 3.1%.

Outlook and guidance

• FY 2024-2025 revenue expected to exceed €150M, with operating margin improving but below initial IPO targets (>€170M revenue, 6.5% margin).

• Focus on internal growth and integration of recent acquisitions, especially in Nautisme.

• Full-year integration of recent acquisitions and ongoing structuring expected to support sustainable margin growth.