SOL Group (SOL) H1 2024 earnings summary

Executive summary

• Net sales for H1 2024 reached €779.6 million, up 6.0% year-over-year, with growth in both Italy (+2.3%) and international markets (+8.5%).

• EBITDA was €201.3 million (25.8% of sales), up from €193.6 million in H1 2023; EBIT rose to €122.2 million.

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

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

• The group completed acquisitions in Switzerland, Romania, and Brazil, expanding its home care segment.

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%).

• Consolidated operating cash flow rose to €154.0 million, 19.8% of turnover.

• Net financial indebtedness increased to €422.4 million, mainly due to €115.5 million in investments and acquisitions.

• 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, focusing on new investments, acquisitions, and innovation.

• The objective is to consolidate strong sales performance and maintain profitability.

• No significant post-period events reported.