ATALIAN Global
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ATALIAN Global (ATALIAN) investor relations material

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ATALIAN Global Q2 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2024 earnings summary29 Aug, 2024

Executive summary

  • H1 2024 net sales reached €1,001 million, up 0.9% year-over-year and 5.1% on a comparable basis, with strong international growth offsetting French cleaning margin pressure from wage and payroll tax increases.

  • Ownership transferred from Franck Julien to Sophie Pécriaux in June 2024, with no impact on governance or strategy.

  • Major refinancing completed in March 2024, issuing €836 million notes due June 2028, reducing gross debt by €400 million, extending maturity by 4.5 years, and halving annual interest costs.

  • Profitability was impacted by challenges in the French cleaning business, particularly in passing through full salary cost inflation and higher payroll taxes to customers.

  • Revised 2024 guidance downward due to exogenous cost pressures, legacy issues, and political uncertainty in France.

Financial highlights

  • H1 2024 net sales: €1,001 million, up 0.9% year-over-year (+5.1% comparable); recurring EBITDA: €39.9 million, down 7.9% year-over-year (-2.6% comparable); margin at 4.0%, down 38 bps.

  • Recurring EBIT at €13.3 million, down from €16.0 million in H1 2023, but improved from €3.5 million at end of March.

  • Net loss from continued operations: -€45.4 million, compared to -€26.2 million in H1 2023; total net loss: -€44.8 million versus €128.3 million profit in H1 2023 (prior year included capital gains from disposals).

  • CFFO excluding non-recurring items: -€27.1 million in H1 2024, but Q2 CFFO improved to +€26.2 million, reflecting better working capital management.

  • Net financial debt at €891 million at June 30, 2024, up from €791 million at end-2023; adjusted net debt (including deconsolidated factoring) at €1,083 million.

Outlook and guidance

  • 2024 recurring EBITDA guidance revised to €80–90 million (from €100 million); CFFO guidance revised to -€10 million to €0 million (from €20–30 million), reflecting conservative working capital assumptions.

  • 2025 guidance will be updated after the budget process, as current headwinds are expected to impact next year.

  • Action plans in place for cost discipline, productivity, commercial efficiency, and sector-based customer approach.

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Frequently asked questions

ATALIAN Global Services is a France-based provider of comprehensive facility management services, operating internationally across multiple continents including Europe, North America, South-East Asia, and Africa. Established in 1944, ATALIAN is a family-owned company recognized for its extensive range of services tailored to meet the needs of both public and private sectors. The company’s service portfolio includes cleaning, security, technical maintenance, front of house, landscaping, energy management, and catering services. The company is headquartered in Paris, France, and its shares are listed on the Paris Stock Exchange.

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