Martifer (MAR) H2 2024 earnings summary

Executive summary

• Operating income reached €264.5M, with €144.1M from Metallic Constructions, €106.1M from Naval Industry, and €16.7M from Renewables.

• EBITDA was €38.2M (15% margin), and net income attributable to the group was €23.0M.

• 66% of turnover generated outside Portugal, highlighting strong export performance.

• Order book for Metallic Constructions and Naval Industry totaled €695M at year-end.

Financial highlights

• Gross debt decreased by €5M to €86M; net debt improved by €30M, moving from €8M to -€22M compared to December 2023.

• Gross value added was €79M, representing 31% of turnover.

• Positive equity of €84M, with group capital at €79.2M.

• EBITDA margin stood at 15%, and EBIT margin at 12.7%.

• Financial result was -€7.5M; results from associates contributed €0.1M.

Outlook and guidance

• Strategic plan "Horizon 2030" focuses on sustainable growth, energy transition, innovation, and ESG alignment.

• Plans include expanding shipyard capacity, strengthening export profile, and growing renewables.

• Emphasis on digital transition and adoption of AI to maintain competitiveness.