Roblon (RBLN) Q2 23/24 earnings summary

Executive summary

• Focus on high-performance fiber solutions for telecom, oil & gas, and energy transmission sectors, with global sales and production in Denmark, Czech Republic, and the USA.

• Revenue and earnings for H1 2023/24 aligned with expectations, despite a challenging FOC market and improved Composite performance.

• Order intake for H1 2023/24 reached 185.9 mDKK, with an order backlog of 106.0 mDKK at April 2024; Composite intake increased, offsetting FOC decline.

• Management maintains full-year guidance for revenue of DKK 370m and EBITDA of DKK 25m.

Financial highlights

• H1 2023/24 revenue was 155.0 mDKK, down from 171.7 mDKK year-over-year.

• Gross margin improved to 52.3% from 49.5% year-over-year.

• EBITDA was DKK 4.4m (vs. DKK 6.3m), and EBIT before special items was a loss of DKK 8.7m (vs. loss of DKK 7.5m).

• Net loss for H1 was DKK 11.6m, compared to a net loss of DKK 7.9m last year.

• Liquidity at April 2024 was 93.6 mDKK, up from 30.8 mDKK year-over-year; equity ratio at 67.7% (previously 61.9%).

Outlook and guidance

• Full-year 2023/24 guidance maintained: revenue around DKK 370m, EBITDA around DKK 25m, EBIT around DKK 0m.

• Significant uncertainty remains due to fiber optic cable market conditions and economic factors.