Indel B (INDB) Q3 2024 TU earnings summary

Executive summary

• Consolidated sales revenues for the first nine months of 2024 totaled €155.2 million, down 8.8% year-over-year from €170.1 million.

• The period marks a normalization after the post-Covid boom, with economic slowdown and geopolitical uncertainties impacting demand.

• Sales declined across most channels and markets, with notable decreases in Automotive and Americas segments.

• Product innovation continued, with new products winning international design awards.

• Management remains positive on medium- and long-term prospects, focusing on growth in Automotive and Leisure markets.

Financial highlights

• 9M 2024 sales: €155.2 million, a decrease of 8.8% compared to 9M 2023.

• Q3 2024 Automotive sales fell 12% year-over-year; Hospitality and Cooling Appliances grew 17% and 10%, respectively.

• Sales by channel: OEM down to 50% of total, AM up to 35%, Others at 15%.

• Sales by market: Automotive 63%, Leisure 12%, Components & SP 12%, Hospitality 8%, Cooling Appliances 5%.

• Sales by region: Europe (excl. Italy) 53%, Italy 29%, Americas 16%, RoW 2%.

Segment performance

• Automotive segment sales dropped 9.3% year-over-year for 9M 2024.

• Leisure segment sales declined 27.8% year-over-year.

• Hospitality market was stable at €12.2 million (+0.2%), with Cruise sector up 12%.

• Cooling & Appliance revenues were flat at €7.0 million; wine cellar sales rose 23.3%.

• Component & Spare parts grew 10.4% to €18.9 million, driven by spare parts sales.