Landi Renzo (LNDR) Q1 2024 earnings summary

Executive summary

• Q1 2024 consolidated revenues were €68.8M, down 3.4% year-over-year, with Green Transportation revenue up 6.2% and Clean Tech Solutions down 23.2% due to project delays and lower CNG volumes.

• Adjusted EBITDA improved to -€0.5M from -€1.0M in Q1 2023, driven by better product mix and margin in Green Transportation.

• Net loss narrowed to -€9.0M from -€9.9M in Q1 2023, reflecting improved operational performance.

• The Group is executing a financial maneuver including a capital increase of up to €45M and amendments to loan agreements to strengthen its capital structure.

• Green Transportation segment growth and profitability offset Clean Tech Solutions' weaker performance.

Financial highlights

• Group revenues: €68.8M (down 3.4% year-over-year); Green Transportation: €51.0M (+6.2%), Clean Tech Solutions: €17.8M (-23.2%).

• Adjusted EBITDA: -€0.5M (improved from -€1.0M in Q1 2023); Green Transportation adj. EBITDA: €0.1M (up from -€2.5M), Clean Tech Solutions adj. EBITDA: -€0.6M (down from €1.6M).

• EBIT: -€5.6M (improved from -€6.3M year-over-year); Net result: -€9.0M (vs. -€9.9M year-over-year).

• Basic and diluted EPS: -€0.0362 (improved from -€0.0440 year-over-year).

• Net financial position: -€130.0M (up from -€112.4M at year-end 2023); adjusted NFP: -€117.1M.

Outlook and guidance

• 2024 expected to be a transition year, with Green Transportation stable and Clean Tech Solutions awaiting acceleration in H2 as biomethane and hydrogen projects ramp up.

• Spare Parts & Service in Clean Tech Solutions performed above expectations, with a positive outlook for the next quarter.

• Management implemented a mitigating plan for Clean Tech Solutions by anticipating engineering and purchasing activities.

• The 2024–2028 business plan anticipates continuity with FY2023 in the first year, with stronger development in subsequent years.