Semperit (SEM) Q4 2023 earnings summary

Executive summary

• FY 2023 guidance was met despite cyclical headwinds; the strategic focus is profitable growth, customer intimacy and technology leadership.

• Sale of Sempermed was completed, and the Rico Group acquisition established a growth platform in liquid silicone rubber and engineered applications.

Financial highlights

• Revenue was €721.1m, down 7.5% YoY; EBITDA was €71.8m, down 28.5%, and EBIT was €34.6m, down 44.3%.

• Adjusted EBITDA was €81.7m versus €95.8m in 2022; adjusted EBIT was €44.5m versus €65.4m.

• Earnings after tax from continued operations were €24.9m, down 35.2% YoY; total earnings after tax were -€8.1m and EPS was -€0.82.

Outlook and guidance

• FY 2024 EBITDA is expected at ~€80m; CAPEX at ~€70m, comprising 40% growth and 60% maintenance and small growth projects.

• Proposed dividend for the AGM is ~€0.50 per share.

• Challenging market conditions are expected to persist, with first green shoots anticipated toward end-2024 at the earliest.