Uzin Utz (UZU) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 was €242.3 million, down 1.0% year-over-year, with international sales comprising 65.1% of total revenue.

• EBIT increased 13.7% to €19.9 million, and net income after taxes rose to €12.4 million from €11.0 million in H1 2023.

• The cost of materials ratio improved to 42.5% from 45.1% year-over-year, supporting margin expansion.

• Average headcount decreased slightly to 1,478, while personnel expenses increased by 2.5%.

Financial highlights

• EBITDA rose to €30.0 million from €26.3 million year-over-year.

• Earnings per share increased to €2.45 from €2.19.

• Cash and cash equivalents grew to €27.3 million, up €1.2 million from the prior year.

• Equity ratio improved to 60.7% from 56.1% year-over-year.

• Investments in H1 2024 totaled €6.7 million, down 58.3% from H1 2023.

Outlook and guidance

• Full-year 2024 sales are expected to remain flat versus 2023, with a slight increase in EBIT and EBIT margin anticipated.

• Construction sector headwinds in core and growth markets are expected to persist, impacting sales growth.