Serge Ferrari Group (SEFER) H1 2024 earnings summary

Executive summary

• H1 2024 revenues declined 7.7% year-over-year to €161.9 million, with a gradual recovery in Q2 after a sharp Q1 drop.

• Adjusted EBIT fell 24.5% to €8.8 million, supported by cost optimization despite lower volumes.

• Net income swung to a loss of €8.8 million, impacted by €11.4 million in non-recurring charges from the Transform 2025 plan.

Financial highlights

• Operating income dropped to €0.5 million from €10.7 million year-over-year.

• Operating margin contracted to 0.3% from 6.1% in H1 2023.

• Operating cash flow improved to €25.8 million from -€4.4 million in H1 2023.

Outlook and guidance

• Ongoing Transform 2025 plan aims to further optimize operations and cost structure in H2 2024.

• Management expects medium-term profitability improvement as business activity recovers.