Rosetti Marino (YRM) H2 2024 earnings summary

Executive summary

• Net profit reached €29.8 million (5.11% of PIL), up from €7.0 million (1.96%) in 2023, despite €13.9 million in impairment charges on investments.

• EBITDA more than doubled to €54.4 million (15.4% of GIP), with consolidated EBITDA at €53.7 million (9.21% of PIL).

• Order backlog surged to €1,160 million, up from €818 million, with a balanced split between Oil & Gas and Renewables & Carbon Neutrality.

• Consolidated net equity reached €146.4 million at year-end, up from €124.1 million.

• Strong cash flow management led to a positive net financial position of €176.2 million, nearly triple the prior year.

Financial highlights

• Revenue from sales and services rose to €582.6 million from €359.1 million year-over-year.

• EBITDA: €54.4 million (15.4% of GIP), EBIT: €51.6 million (14.6% of GIP), Net profit: €29.8 million (5.11% of PIL).

• ROE improved to 18.9% from 8.0% year-over-year.

• Cash and cash equivalents at year-end: €126.2 million, up from €54.4 million.

• Dividend of €2.00 per share approved/proposed, totaling €7.6 million.

Outlook and guidance

• Order backlog at €1,160 million covers most 2025 budget and strategic plan targets.

• Renewables & Carbon Neutrality sector revenue grew from €32 million to €164 million year-over-year.

• Oil & Gas and Renewables & Carbon Neutrality sectors expected to drive further growth in 2025.

• Shipbuilding/Naval sector remains dormant pending market improvement.