Landi Renzo (LNDR) Q4 2023 earnings summary

Executive summary

• FY 2023 revenue reached €303.3M, nearly flat year-over-year, with Green Transportation driving growth but Clean Tech Solutions impacted by order delays.

• Adjusted EBITDA fell to €7.0M from €15.3M, with net loss widening to €36.4M from €14.3M due to lower margins, higher financial charges, non-recurring costs, and tax write-offs.

• Net financial debt increased to €112.4M, with adjusted net financial debt at €98.6M.

• Major capital increases up to €45M were approved, with €25M under option and €20M reserved for Invitalia.

• New CEO appointed and 2024-2028 Business Plan approved to support long-term growth and financial stability.

Financial highlights

• Group revenue: €303.3M (-1% YoY); Green Transportation: €212.9M (+5.5% YoY); Clean Tech Solutions: €90.4M (-13.5% YoY).

• Adjusted EBITDA: €7.0M (2.3% margin), down from €15.3M (5.0% margin) YoY.

• Net result: -€36.4M vs. -€14.3M YoY; EPS: -€0.1563 vs. -€0.0635.

• Net financial debt: €112.4M (vs. €92.3M); adjusted net financial debt: €98.6M.

• Cash and cash equivalents at year-end: €26.5M (down from €63.0M YoY).

Outlook and guidance

• 2024 expected to be transitional, with turnover in line with 2023 and focus on implementing business and financial initiatives.

• Green Transportation segment to see a more balanced sales mix and margin improvement.

• Clean Tech Solutions segment anticipates gradual project growth, with acceleration in H2 2024.