Pharmanutra (PHN) H1 2024 earnings summary

Executive summary

• First half 2024 saw robust organic growth, with sales revenue up 13% year-over-year to €56.1M and net result up 23% to €8.9M.

• Second quarter 2024 showed significant recovery and growth in both revenues and margins, offsetting a weaker first quarter.

• Expansion initiatives in Spain, USA, and Cetilar® Nutrition continued, with marginal revenue contribution but some impact on margins.

Financial highlights

• Sales revenue reached €56.1M (+13% YoY); EBITDA was €16.2M (+15.3% YoY, 28.4% margin); net result €8.9M (+23% YoY).

• Net financial position at -€4.5M, reflecting dividend payments and treasury share purchases.

• Cash generated from operations was €7.8M, confirming strong cash generation.

• EPS for H1 2024 was €0.93, up from €0.75 in H1 2023 (+23.7%).

Outlook and guidance

• Solid organic growth expected to continue in H2 2024, with targets for the year seen as achievable.

• September will see SiderAL® products launched in Germany; Q4 will feature new vitamin D3 and B12 products.

• Ongoing development of new projects (Cetilar® Nutrition, PharmaNutra USA/España) expected to moderately reduce margins.