SFC Energy (F3C) H1 2024 earnings summary

Executive summary

• Group sales rose 24.2% year-over-year to €70.9m in H1 2024, driven by strong demand for fuel cell solutions and international expansion.

• Adjusted EBITDA increased 71.1% to €12.5m, with margin up to 17.7% from 12.8% year-over-year.

• Order backlog reached €89.0m as of June 30, 2024, up from €81.3m at year-end 2023.

• Advanced international expansion and capacity ramp-up, including new facilities in the UK, US, Germany, Romania, and India.

• Launched new high-power hydrogen fuel cell products, with pilot installations in 2024 and series production planned for 2025.

Financial highlights

• Revenue increased by 24.2% year-over-year in H1 2024 to €70.9m.

• Adjusted EBITDA reached €12.5m, up 71% from H1 2023, with margin expanding to 17.7%.

• Gross profit rose 35% to €29.5m, with gross margin at 41.7%, up from 38.3% in H1 2023.

• Adjusted EBIT was €9.6m, more than double the previous year, with margin at 13.5%.

• Operating cash flow before working capital changes rose to €12.6m; cash and cash equivalents reached €69.6m.

Outlook and guidance

• Guidance for 2024 confirmed: sales revenue between €141.7m–€153.5m, adjusted EBITDA €17.5m–€22.4m, and adjusted EBIT €9.8m–€14.7m.

• Growth expected to accelerate in H2 2024 as MEA production ramps up and delivery capacity increases.

• Confident in achieving full-year targets, contingent on order timing and production capacity.

• Analyst consensus projects continued revenue and EBITDA growth through 2025.

• Demand momentum expected to remain strong despite macroeconomic and geopolitical uncertainties.