SOL Group (SOL) H1 2024 earnings summary

Executive summary

• Net sales for H1 2024 reached €779.6 million, up 6.0% year-over-year; like-for-like sales rose 3.6%.

• Gross operating margin (EBITDA) was €201.3 million (25.8% of sales), up 4.0% from H1 2023.

• Net profit was €74.9 million, down from €79.6 million in H1 2023, mainly due to higher financial expenses and taxes.

• Cash flow increased to €154.0 million, and capital expenditure rose to €96.1 million.

• Workforce expanded to 7,015 employees from 5,957 a year earlier.

Financial highlights

• Revenues from sales and services grew to €779.6 million from €735.7 million year-over-year.

• EBITDA margin was 25.8% (vs. 26.3% in H1 2023); operating result margin was 15.7% (vs. 16.2%).

• Net financial indebtedness increased to €422.4 million (from €415.8 million at 2023 year-end).

• Excluding IFRS 16 lease liabilities, net financial indebtedness was €343.7 million.

• Earnings per share for H1 2024 were €0.826, down from €0.878 in H1 2023.

Outlook and guidance

• Management expects continued growth in H2 2024, with further investments, possible acquisitions, and a focus on maintaining profitability.

• No significant post-period events reported.