Martifer (MAR) H1 2024 earnings summary

Executive summary

• Operating income reached €126.5M in 1H2024, with strong contributions from Metallic Constructions (€68.1M), Naval Industry (€50.9M), and Renewables (€8.8M).

• EBITDA was €20.4M, representing a 16.7% margin on turnover; net profit attributable to the Group was €11.5M.

• 74% of turnover was generated outside Portugal, highlighting a robust export profile.

• The order book stood at €703M, mainly in Metallic Constructions and Naval Industry.

Financial highlights

• Gross value added was €40.6M, accounting for 33% of turnover.

• Gross debt reduced by €1.6M since December 2023, totaling €89.7M; positive equity of €72.6M.

• Total CAPEX in 1H2024 was €4.69M, with investments across all business segments.

• Average debt maturity is 4.5 years, with an average debt rate of 6.71%.

• Debt service coverage ratio exceeds 3x, indicating solid liquidity.

Outlook and guidance

• Strategic plan for 2024–2026 focuses on export growth in Metallic Constructions, expanding ship repair capacity in Naval Industry, and consistent growth in Energy.

• Emphasis on innovation, digital transition, and ESG policy to drive competitive advantage and sustainable growth.