Titanium (TITAN) H1 2024 earnings summary

Executive summary

• Leadership change with Walter Ahlström appointed CEO as of May 2, 2024, and a new strategy to be published later in the year.

• Challenging market conditions led to a profit warning for 2024 and impacted business performance.

• Strategic development process initiated to enhance efficiency and market responsiveness.

• Revenue for January–June 2024 was €11.5 million, down 14.3% year-over-year due to lower performance and transaction fees.

• EBIT for H1 2024 was €5.3 million, a decrease of 21.2% compared to H1 2023, with a margin of 46.1%.

Financial highlights

• Fee income for H1 2024 was €11.5M, down 14.3% year-over-year.

• EBITA for H1 2024 was €5.3M, down 30.1% year-over-year.

• Net profit for H1 2024 was €4.2M, down 19.3% year-over-year.

• Operating cash flow was €3.1M, compared to €5.2M in H1 2023.

• Assets under management at H1 2024 were €1.65B, down from €1.7B.

Outlook and guidance

• 2024 revenue expected to fall below the previous medium-term financial target and below 2023 levels (€26.2M in investment service income in 2023).

• New strategy and medium-term financial targets to be published by year-end 2024.

• EBITA margin is expected to remain above 50% on average in the medium term.