Latécoère (LAT) H2 2024 earnings summary

Executive summary

• Revenue grew 13.4% year-over-year to €705.8 million, driven by production ramp-up and commercial initiatives to offset inflation.

• Recurring EBITDA improved to €25.7 million from a €18.5 million loss in FY2023, reflecting operational leverage and cost control.

• Net result was a loss of €61.9 million, compared to a €6.2 million profit in 2023, impacted by financial costs and restructuring.

• Investments continued in platform, people, and business model resilience, with a focus on quality and on-time delivery.

Financial highlights

• Revenue increased by €83.5 million (+13.4%) year-over-year to €705.8 million.

• Recurring EBITDA margin turned positive at 3.6%, up from -3.0% in 2023.

• Operating free cash flow loss narrowed to €7.4 million from €118.2 million loss in 2023.

• Net debt rose to €170.9 million from €125.2 million at year-end 2023.

• Cash and cash equivalents at year-end were €59.4 million, down from €85.1 million.

Outlook and guidance

• Expects further volume growth across major programs in FY2025.

• Full-year benefit from operational and commercial initiatives started in 2024 anticipated.

• Cost inflation expected to persist but to be offset by cost savings and operational efficiencies.

• EBITDA and operational free cash flow expected to improve, despite restructuring costs and increased working capital.

• Business positioned to capitalize on strong demand in civil, military, and space markets.