Indel B (INDB) H2 2024 earnings summary

Executive summary

• FY 2024 revenues declined 10.2% year-over-year to €203.5 million, with significant drops in Automotive and Leisure markets.

• Adjusted EBITDA fell 19.7% to €22.7 million, and adjusted EBIT dropped 21.2% to €16.4 million.

• Adjusted net profit decreased 23.5% to €11.6 million, while reported net profit rose slightly to €10.8 million.

• Dividend of €0.80 per share paid in 2024, with a proposed dividend of €0.80 per share for 2025.

• Board proposes new treasury share buyback authorization and updates to governance procedures.

Financial highlights

• Sales of products decreased 10.1% year-over-year to €196.6 million.

• Adjusted EBITDA margin: 11.2% (FY 2024) vs. 12.5% (FY 2023); EBITDA margin reported as 10.7% (flat year-over-year).

• Adjusted EBIT margin: 8.0% (FY 2024) vs. 9.2% (FY 2023); EBIT margin also reported as 7.5% (2024) vs. 7.1% (2023).

• Net financial position worsened to -€10.3 million from -€7.5 million, impacted by inventory growth and share buyback.

• Cash conversion rate was 61% in FY 2024, down from 69% in FY 2023.

Outlook and guidance

• 2025 expected to be complex due to global uncertainties, new US tariffs, and geopolitical tensions.

• Medium- to long-term outlook remains positive, focusing on Automotive, Hospitality, and Cooling Appliances.

• Board of Directors meeting scheduled for May 14, 2025, to review Q1 2025 sales revenues.