Rosetti Marino (YRM) H1 2024 earnings summary

Executive summary

• Consolidated net profit reached €7.9 million, up from €6.4 million year-over-year, despite higher tax rates and losses in some subsidiaries.

• EBIT nearly doubled to €13.4 million from €7.2 million in H1 2023, driven by strong order intake and market recovery in energy installations.

• Revenue (GDP) increased 16.5% year-over-year to €196.6 million, with significant growth in the Renewable Energy & Carbon Neutrality sector.

• The order backlog rose to €1.116 billion (+36% vs. year-end 2023), with further major contract wins post-period.

• Net financial position improved significantly, with cash up 81% to €126.8 million.

Financial highlights

• EBITDA rose to €16.1 million (8.19% of GDP), EBIT to €13.4 million (6.8% of GDP), and net profit to €7.9 million (4.0% of GDP).

• Gross profit more than doubled to €14.4 million (7.32% of GDP).

• Revenue for H1 2024 was €210.3 million, up from €174.9 million in H1 2023.

• Group equity stood at €126.5 million, up from €124.1 million at December 31, 2023.

• Cash at bank and in hand increased to €126.8 million from €69.9 million at year-end 2023.

Outlook and guidance

• Workload and margins expected to accelerate in H2 2024 and 2025, supported by a robust order book and ongoing market recovery.

• Two major contracts pending award by October 2024 could further boost future results.

• Renewables & Carbon Neutrality sector is anticipated to have an increasing impact on business performance.