Indel B (INDB) H1 2024 earnings summary

Executive summary

• H1 2024 revenues declined 11.2% year-over-year to €110.4 million, with a slight sequential Q2 increase.

• Adjusted EBITDA fell 9.5% to €14.7 million, and adjusted net profit decreased 13.1% to €8.3 million.

• Margins remained stable or slightly improved despite lower sales, reflecting cost control and raw material stabilization.

• 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), with a slight Q2 sequential increase.

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

• Adjusted net profit: €8.3 million (margin 7.5%).

• Net financial position: €-16.2 million at 30 June 2024, impacted by seasonality, inventory growth, share buyback, dividend, and capex.

• Cash conversion rate at 79% in H1 2024, up from 69% in FY 2023.

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 no critical signs in reference markets and some early signs of recovery.

• Strategic focus on developing Leisure, Hospitality, and Cooling Appliances segments.