Kemira (KEMIRA) Q2 2024 earnings summary

Executive summary

• Q2 2024 delivered strong volume growth and margin improvement, especially in Industry & Water, despite revenue decline from the Oil & Gas divestment.

• Upgraded 2024 outlook for revenue and operative EBITDA, reflecting continued end-market recovery.

• Customer satisfaction and employee engagement reached record highs, supporting long-term strategy.

• Growth strategy advanced through capacity investments and entry into the micropollutant removal market via UK acquisition.

Financial highlights

• Q2 2024 revenue was EUR 733.4 million, down 13% year-on-year due to divestments; adjusted revenue up 3%.

• Operative EBITDA improved to EUR 140.5 million in Q2, margin 19.2%, with H1 2024 margin at 20.2%.

• Net profit for H1 2024 was EUR 144.4 million; EPS EUR 0.40 in Q2, impacted by Argentina closure.

• Strong cash flow from operations at EUR 109.4 million in Q2 and over EUR 200 million in H1 2024.

• Gearing at 21%, net debt/EBITDA at 0.6, both at record-strong levels.

Outlook and guidance

• 2024 revenue expected between EUR 2,800–3,200 million; operative EBITDA EUR 540–640 million.

• Assumes continued end-market recovery, stable input costs, and no major operational disruptions.