Teixeira Duarte (TDSA) H1 2024 earnings summary

Executive summary

• Returned to profitability in H1 2024, with net profit of €11M versus a €3M loss in H1 2023.

• Turnover rose 0.6% year-over-year to €377M, driven by Real Estate and offset by declines in Construction and Automotive.

• EBITDA fell 7.4% to €42M, mainly due to lower Real Estate revaluations in Angola.

• Construction order book increased 15% to €1.24B, supporting future revenue.

Financial highlights

• Operating income: €404.9M, down 6.2% year-over-year.

• EBITDA: €41.7M, down 7.4% year-over-year.

• EBIT: €24.9M, down €2.1M from H1 2023.

• Net income attributable to equity holders: €9.5M, up from a €3M loss in H1 2023.

• Net financial debt: €684.5M, reduced by €37.2M since December 2023.

• Financial autonomy improved to 10.4%.

Outlook and guidance

• Expects continued operations across all sectors, with inflation and currency volatility as key influences, especially in Angola and Brazil.

• Construction order book at €1.24B as of June 2024 underpins future activity.

• Targeting consolidated operating income above €900M for 2024.