Indel B (INDB) H1 2024 earnings summary

Executive summary

• H1 2024 revenues declined 11.2% year-over-year to €110.4 million, with sales of products down 10.3%.

• Adjusted EBITDA fell 9.5% to €14.7 million (margin 13.3%), and adjusted net profit decreased 13.1% to €8.3 million; consolidated net profit was €8.0 million, down 12.9%.

• Margins remained stable or slightly improved due to cost controls and raw material price stabilization.

• Net financial position worsened to €-16.2 million, mainly due to seasonality, inventory growth, dividend, and share buyback.

• Management remains positive on medium-to-long-term prospects, citing resilience and strategic diversification.

Financial highlights

• Total revenues: €110.4 million (down 11.2% year-over-year); Q2 saw a slight sequential increase.

• Adjusted EBITDA: €14.7 million (margin 13.3%), adjusted EBIT: €11.4 million (margin 10.3%).

• Net profit: €8.0 million (margin 7.2%), basic and diluted EPS was €1.41.

• Net financial position: €-16.2 million at 30 June 2024, up from €-7.5 million at year-end.

• Net working capital increased to €67.5 million, mainly due to higher inventories and trade receivables.

Outlook and guidance

• Short-term results may remain pressured by weak demand, high rates, and geopolitical tensions.

• Medium-to-long-term outlook is positive, with strategic focus on developing Leisure, Hospitality, and Cooling Appliances.

• The Group's low debt and loyal customer base are seen as strengths for navigating uncertainty.