Allgeier (AEIN) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 was EUR 224.9 million, down 7% year-over-year, mainly due to delayed public sector projects and a planned reduction in personnel services sales.

• Gross profit margin improved to 33.3% (H1 2023: 32.1%), with gross profit at EUR 76.0 million, only 3% below the prior year.

• Adjusted EBITDA was EUR 23.2 million, a 5% decrease year-over-year, but would have exceeded EUR 27 million excluding the OZG Act delay.

• Net profit for H1 2024 was EUR 0.4 million (H1 2023: EUR 4.2 million); adjusted EPS was EUR 0.19 (H1 2023: EUR 0.43).

Financial highlights

• Revenue: EUR 224.9 million (H1 2023: EUR 241.5 million, -6.9%).

• Gross profit: EUR 76.0 million (H1 2023: EUR 78.7 million, -3.3%).

• Adjusted EBITDA: EUR 23.2 million (H1 2023: EUR 24.4 million, -4.7%).

• EBIT: EUR 7.6 million (H1 2023: EUR 10.2 million, -25.9%).

• Net profit: EUR 0.4 million (H1 2023: EUR 4.2 million).

• Adjusted EPS: EUR 0.19 (H1 2023: EUR 0.43, -55.8%).

• Cash flow from operating activities: EUR 3.5 million (H1 2023: EUR -13.7 million).

Outlook and guidance

• H2 2024 sales expected between EUR 250–260 million; adjusted EBITDA forecasted at around EUR 40 million.

• Full-year 2024 guidance: consolidated sales of EUR 475–480 million and adjusted EBITDA of approximately EUR 63 million (margin just under 13%).

• Excluding OZG Act delays, adjusted EBITDA would exceed EUR 69 million.

• Improvement in public sector demand anticipated in H2 2024, with project backlog expected to benefit 2025.