Robertet (RBT) H1 2024 earnings summary

Executive summary

• Achieved 10.1% reported and 9.6% organic sales growth in H1 2024, with all geographies contributing and a positive scope effect from the Sonarome acquisition.

• EBITDA margin rose to 21.4%, up 190bps year-over-year, driven by lower unit costs, favorable product mix, and divisional performance.

• Net income attributable to the group increased 29.7% year-over-year, reaching €52.1 million.

• Maintained ESG leadership, with EcoVadis Platinum status and 55 certified supply chains.

• Integration of Sonarome (acquired December 2023) is progressing well, contributing positively to results.

Financial highlights

• H1 2024 sales reached €415 million (+10.1% year-over-year); organic growth 9.6%, scope effect +2.7%, currency effect -2.2%.

• EBITDA increased 20.9% to €88.9 million, margin 21.4%; EBIT rose to €73.1 million (+19.4%).

• Net income: €52.1 million (+29.7% year-over-year); EPS: €24.71 (vs. €19.13 in H1 2023).

• Gross profit margin improved to 56.7% from 54.2% year-over-year, with gross profit up 15.2%.

• Net operating cash flow improved over 40% to €46.1 million; free cash flow before acquisitions reached €30.4 million.

Outlook and guidance

• Targeting full-year 2024 organic sales growth of 7%, with EBITDA margin expected to improve versus 2023 despite anticipated H2 cost pressures.

• H2 EBITDA margin expected to be lower than H1 due to normalization of raw material costs and sales momentum.

• Long-term ambition to surpass €1 billion in sales by 2030, with gradual profitability improvement.