Mare (MARE) H1 2024 earnings summary

Executive summary

• Achieved strong H1 2024 results with significant growth in revenue, EBITDA, and net profit year-over-year, driven by technology, product, and automation pillars, as well as organic and international expansion.

• Strategic acquisitions, including Powerflex S.r.l. and Innoida S.r.l., and entry into the Spanish market reinforce leadership in high-tech sectors.

• Focus on innovation, digital transformation, and sustainability, with major investments in AI, Extended Reality, and predictive maintenance.

Financial highlights

• Revenue (Valore della Produzione) reached €18.8M, up 7.2% year-over-year; sales revenue up 6.4% to €13.1M.

• EBITDA rose 44.2% to €4.1M; Adjusted EBITDA up 33.8% to €4.4M.

• EBIT nearly doubled year-over-year to €1.5M; net profit increased to €0.6M from €0.1M in H1 2023.

• Equity grew from €18.8M (Dec 2023) to €24.3M (June 2024), supported by a €7.2M capital raise.

• Net financial position improved to €19.1M from €25.6M, reflecting strong cash generation and IPO proceeds.

Outlook and guidance

• Management anticipates further growth and improved profitability for FY 2024, supported by strategic initiatives, international expansion, and ongoing investments in AI and advanced technologies.

• Second-half revenue and order closure expected to be concentrated, in line with business model.

• Continued focus on innovation, sustainability, and strengthening presence in Defense, Aerospace, and Railway sectors.