Lumibird (LBIRD) Q2 2024 TU earnings summary

Executive summary

• Consolidated revenues for H1 2024 reached €98.0m, up 1% year-over-year, impacted by a strong base effect from H1 2023's 16% growth.

• Business was affected by delayed orders in Asia, but development opportunities remain robust.

• The group maintains its 3-year targets for revenue growth (CAGR >8%) and profitability improvement (+500 bps EBITDA margin).

Financial highlights

• H1 2024 revenues: €98.0m (+1% reported, +2% constant FX, -2% like-for-like).

• Q1 2024 revenues: €43.9m (+7% YoY); Q2 2024: €54.1m (-4% YoY).

• EBITDA margin expected to improve in FY 2024 from 17% in 2023.

Outlook and guidance

• Revenue growth target (CAGR >8%) and EBITDA margin improvement (+500 bps) reaffirmed through 2026.

• Profitability expected to improve in 2024, though H1 margin impacted by sales level.

• Solid order book, with new multi-year contracts expected, especially in defense.