Robertet (RBT) H2 2023 earnings summary

Executive summary

• 2023 performance held up in a difficult economic environment, with sales growth and higher EBITDA despite raw-material and energy cost inflation.

• Sales rose 2.6% reported, 5.5% at constant exchange rates and 4.5% like for like.

Financial highlights

• Sales were €721.1m versus €703.0m in 2022; EBITDA increased 3.6% to €133.0m.

• Recurring operating income increased 9.4% to €111.4m; net income attributable to owners declined 1.9% to €74.6m.

• Earnings per share was €35.71, down 2.0% YoY.

• Free cash flow was €20.6m; working capital requirement declined 6% from 2022, supported by improved inventory management.

Outlook and guidance

• Q1 2024 sales advanced 10.6% YoY and 11.1% like for like; the start to the year supported confidence for 2024.

• Shareholders will be asked to approve a dividend of €8.50 per share, unchanged from the prior year.