Sabaf (SAB) H1 2024 earnings summary

Executive summary

• Achieved record normalised sales revenue of €143.1 million in H1 2024, up 24.5% year-over-year, with strong growth in North America and Asia and a significant recovery in business volumes.

• Normalised EBITDA rose 47.1% to €22.9 million (16% margin), and normalised EBIT nearly doubled to €13.5 million (9.4% margin).

• Net profit attributable to the Group reached €10.1 million, a 213% increase from H1 2023.

• Growth driven by internationalisation, product diversification, and new production capacity, including contributions from recent acquisitions and new facilities in Mexico and India.

• Achieved record quarterly and half-year revenues, with Q2 2024 revenue up 30.5% year-over-year.

Financial highlights

• H1 2024 normalised sales revenue: €143.1 million (+24.5% YoY); Q2 2024: €74.1 million (+30.5%).

• H1 2024 normalised EBITDA: €22.9 million (16% margin, +47.1%); Q2 2024: €12.4 million (16.7% margin, +46.4%).

• H1 2024 normalised EBIT: €13.5 million (9.4% margin, +89.6%); Q2 2024: €7.7 million (10.4% margin, +81.2%).

• H1 2024 normalised net profit: €10.1 million (7.1% margin, +213%); Q2 2024: €5.4 million (7.3% margin, +199%).

• Net financial debt at 30 June 2024: €74.8 million (vs. €73.2 million at 31 Dec 2023); shareholders' equity: €174.3 million.

• Operating cash flow in H1 2024: €13.7 million; net investments: €6.2 million; free cash flow: €7.5 million.

Outlook and guidance

• Order portfolio and sales trends indicate H2 2024 performance will be in line with H1, with an all-time revenue record expected for 2024.

• Increasing sales contributions anticipated from new facilities in Mexico and India and from induction cooking components.