Uzin Utz (UZU) Q3 2024 earnings summary

Executive summary

• Sales revenues for Q1–Q3 2024 declined by 1.3% year-over-year to €360.2 million, while EBIT increased by 10.2% to €29.5 million and EBITDA rose by 10.4% to €44.7 million.

• Earnings per share fell by 3.01% compared to the same period last year.

• Share price increased by 5.83% since the beginning of the year, closing Q3 at €47.20.

Financial highlights

• Material usage rate improved to 41.6% from 45.0% year-over-year, reflecting lower material costs.

• Personnel expenses increased by 2.4% to €97.1 million, with a personnel cost ratio of 26.9%.

• Group earnings after taxes rose by 6.5% to €19.2 million.

• Cash and cash equivalents increased by 17.7% to €37.5 million.

Outlook and guidance

• Global economic growth for 2024 is forecast at 3.2%, with similar expectations for 2025.

• Construction activity in Europe is expected to decline in 2024 but recover moderately in 2025.

• EBIT is expected to show slight growth for the full year, with a stable sales level anticipated.

• Interest rate cuts and declining inflation in core markets are expected to support demand.