Indel B (INDB) H2 2023 earnings summary

Executive summary

• FY 2023 revenue was €226.5m (-0.4% YoY); adjusted EBITDA was €28.3m (-7.7%) and adjusted net profit was €15.2m (-7.0%).

• Net financial position improved to -€7.5m from -€28.5m, supported by operating cash generation and proceeds from the final Guangdong Iceco sale tranche.

Financial highlights

• Sales revenue was €221.2m (-1.0%); product sales were €218.6m (-0.6%), with sales impact of -0.5% FX, -0.1% organic growth and 0.0% M&A.

• Adjusted EBITDA was €28.3m (12.5% margin); adjusted EBIT was €20.8m (9.2% margin); adjusted net profit was €15.2m (6.7% margin).

• Reported EBITDA was €24.5m (-11.9%) and reported EBIT was €16.0m (-17.4%).

• Reported net profit was €10.6m versus €12.2m in FY 2022; basic and diluted EPS were €1.85 versus €2.31.

Outlook and guidance

• 2024 is expected to be a transition year; medium- and long-term expectations remain positive, with initiatives focused on Automotive, Hospitality and Cooling Appliances.

• Truck demand is expected to remain weak in coming quarters, with recovery expected to begin in 2025 and strengthen through 2025 and the following year.

• Leisure markets, including Marine and RV, are expected to face near-term pressure; outlook is comparatively more positive for other markets.