Leifheit (LEI) Q4 2024 earnings summary

Executive summary

• FY24 turnover rose 0.4% to €259.2m; gross margin improved 2.4pp to 44.5%, EBIT doubled to €12.1m and free cash flow reached €14.2m.

• Strategy focuses on profitable growth through core European markets, innovation, e-commerce, cost efficiency and a leaner organization; organizational changes reduced FY24 results by more than €2m.

Financial highlights

• Turnover was €259.2m versus €258.3m; EBIT was €12.1m versus €6.0m, with margin at 4.7% versus 2.3%.

• Net result rose to €8.0m from €3.2m; EPS was €0.85 versus €0.34, and EBT increased to €11.3m from €4.7m.

• Gross margin increased to 44.5% from 42.1%, supported by production and logistics efficiencies, D2C and product mix, and sales price adjustments.

• Operating cash flow rose to €28.5m from €20.8m; free cash flow increased to €14.2m from €12.1m.

• FY24 CapEx was €14.5m; year-end cash and cash equivalents were €41.4m, with no bank liabilities.

Outlook and guidance

• FY25 turnover growth forecast at 2%–4%; Household expected to grow, while Wellbeing and Private Label are forecast at FY24 levels.

• FY25 EBIT guidance is €15m–€17m, with free cash flow expected in the upper single-digit millions.

• Midterm targets are 3%–6% annual sales CAGR and 7%–10% EBIT margin; 2030+ vision targets sales above €300m and EBIT margin above 10%.

• E-commerce target is 30% of turnover in 2027–2030, compared with 22% in FY24.

• Midterm margin drivers include profitable core products, gross-margin gains, manufacturing and logistics efficiency, cost reductions, innovation and pricing management.