Roblon (RBLN) Q2 24/25 earnings summary

Executive summary

• Revenue for H1 2024/25 increased to DKK 113.0 million from DKK 110.6 million year-over-year, driven by growth in the composites business and favorable product mix, while telecom/FOC declined.

• EBITDA before special items rose to DKK 26.2 million (DKK 15.1 million), and EBIT before special items increased to DKK 19.0 million (DKK 6.8 million), reflecting productivity gains and margin improvement.

• A significant loss of DKK 31 million was recognized from discontinued US operations due to the planned divestment, impacting net results and equity.

• Net result for H1 2024/25 was negative DKK 25.7 million, mainly due to discontinued operations and special items.

• The company is divesting its US subsidiary to two key employees for $1, with a DKK 7.7 million cash injection and a write-down of receivables.

Financial highlights

• Gross margin improved to 65.9% for H1 2024/25, up from 58.9% year-over-year, driven by product mix and less material-intensive production.

• Order intake increased to DKK 144.6 million (DKK 132.2 million), with Composite up and FOC down.

• Cash flow from operating activities was a net outflow of DKK 9.4 million, compared to an inflow of DKK 35.0 million last year, due to higher working capital.

• Liquidity at period end was DKK 84.1 million, with an equity ratio of 65.5%.

• Special items amounted to DKK 3.9 million, mainly from impairment and divestment costs.

Outlook and guidance

• Full-year 2024/25 guidance was raised: revenue DKK 220–250 million, EBITDA before special items DKK 40–50 million, EBIT before special items DKK 26–36 million.

• Special items related to the US subsidiary divestment expected at DKK 2.5–4 million, reported under discontinued operations.

• Management expects to maintain a favorable product mix and productivity improvements for the remainder of the year.