2G Energy (2GB) H1 2024 earnings summary

Executive summary

• Net sales for H1 2024 were €131.2 million, a 3.2% decrease year-over-year, mainly due to customer project delays, while order intake rose 20.3% to €93.3 million and the order backlog remains high.

• EBIT remained stable at €4.1 million (EBIT margin 3.1%), and net income matched the prior year at €2.7 million.

• Liquidity improved significantly, up 54% to €9.1 million compared to H1 2023.

• Service business grew slightly (+1.4%), and new product lines, including large heat pumps and demand response engines, were launched with first orders received.

• Management remains confident in achieving full-year sales guidance of €360–390 million and an EBIT margin of 8.5–10%.

Financial highlights

• Revenue: €131.2 million (H1 2023: €135.5 million), down 3.2% year-over-year.

• EBIT: €4.1 million (H1 2023: €4.1 million), EBIT margin 3.1%.

• Operating cash flow rose sharply to €4.8 million from €0.1 million year-over-year.

• Net change in cash was -€3.2 million, but cash at period end was €9.1 million, up from €5.9 million.

• Dividend increased to €0.17 per share (+21% year-over-year).

Outlook and guidance

• 2024 sales forecast up to €390 million, with an EBIT margin between 8.5% and 10.0%.

• 2025 sales forecast up to €450 million, reflecting strong order backlog and structural growth drivers.

• Service business and new products expected to drive margin improvement.

• No limitation of the forecast stated.