Pharmanutra (PHN) H2 2024 earnings summary

Executive summary

• Achieved solid organic growth in revenue (+15%) and EBITDA (+17%) year-over-year, with net revenues reaching €115.5 million and EBITDA at €31 million.

• Net result rose to €16.6 million (up 29%), with EPS at €1.73 compared to €1.33 in FY 2023.

• Positive net financial position of €5.6 million at year-end, reversing a negative position from the prior year.

• Operating activities generated €20 million in cash, supporting investments and dividend distribution.

Financial highlights

• Net revenues increased 15.3% year-over-year to €115.5 million, driven by both domestic (+10.7%) and foreign markets (+24%).

• EBITDA margin on net revenues was 26.6%; recurring business EBITDA margin reached 31.4% (vs. 30.4% in 2023).

• Net result margin on net revenues was 14.2%.

• Proposed dividend of €1.00 per share, up from €0.85 in 2023.

• Cash flow from operating activities reached €20.5 million, with capex of €3.6 million and dividend payout of €8.2 million.

Outlook and guidance

• Recurring business expected to grow in line with 2024, with strong cash generation supporting new projects.

• Margin reduction anticipated over the next two years due to investments in new projects, especially in the USA.

• Significant growth opportunities in China, with new online sales platforms launched.

• Cetilar® Nutrition to be official nutrition partner of Giro d'Italia in 2025.

• Macroeconomic uncertainty due to international tensions may impact objectives.