Implenia (IMPN) H2 2024 earnings summary

Executive summary

• Achieved all 2024 financial targets, with increased profitability and a strong order book of CHF 6.8 billion, maintaining positive business momentum year-over-year.

• EBIT rose to CHF 130.5 million (+6% year-over-year), with an EBIT margin of 3.7%.

• Equity ratio improved to 21.2% from 19.8% year-over-year, and positive free cash flow was generated, supported by strong operational performance across all divisions.

• Strategic merger of Real Estate and Buildings divisions announced, aiming for greater integration and efficiency from April 2025.

• CEO transition planned, with Jens Vollmar to succeed André Wyss from April 2025.

Financial highlights

• Revenue stable at CHF 3.6 billion, and EBIT rose to CHF 130.5 million, including a CHF 31 million one-off from Ina Invest contract adjustment.

• Consolidated net income of CHF 93.4 million, lower than prior year due to deferred tax asset effects.

• Adjusted free cash flow at CHF 58.2 million, excluding strategic investments and one-off effects.

• Cash and cash equivalents at year-end totaled CHF 402 million.

• Equity up 14% to CHF 656.7 million.

Outlook and guidance

• Targeting EBIT of approximately CHF 140 million for 2025; medium-term EBIT margin target above 4.5% and equity ratio of 25%.

• Positive order trend expected, supported by a strong pipeline and incoming Ina Invest payment in 2025.

• Dividend of CHF 0.90 per share proposed, a 50% increase, with continued progressive dividend policy.

• Positive growth forecasts in Switzerland and Europe, especially in civil engineering.

• New CEO Jens Vollmar to take over from April 2025.