Martifer (MAR) H2 2023 earnings summary

Executive summary

• 2023 operating income was €219.9M and turnover was €211.7M; EBITDA reached €34.1M and net income attributable to the Group was €19.7M.

• Exports and turnover outside Portugal represented 73% of total turnover; the Metallic Constructions and Naval Industry order book stood at €753M.

Financial highlights

• EBITDA was €34.1M, equal to 16.1% of turnover; EBIT was €28.2M, with a 13.3% margin.

• Net income for the year was €21.1M, including €19.7M attributable to the Group; financial result was -€7.3M and associate-company results were €0.6M.

• Gross value added was ~€60M, or 28% of turnover.

Outlook and guidance

• A strategic plan update is planned for 2024, with emphasis on sustained, sustainable growth and quantitative targets for the next strategic cycle.

• Plans include a new dry dock at the Viana do Castelo shipyard to expand ship-repair capacity and balance repair and shipbuilding activity.

• Renewables & Energy plans gradual growth, leveraging energy transition, decarbonisation and hydrogen opportunities; Industrial Maintenance is also targeted for reinforcement.