ALSO (ALSN) H1 2024 earnings summary

Executive summary

• Operational EBITDA for H1 2024 reached €106 million with a 2.1% margin, including €12 million in growth investments.

• Cloud revenues grew 25% year-over-year to €662 million in H1 2024.

• Cash position increased by €31 million to €643 million, reflecting strong free cash flow and loan paybacks.

• H1 revenues totaled €5.1 billion, down 7% year-over-year, reflecting consumer spending restraint in key markets.

• 2024 targets confirmed, with H1 results supporting short-term EBITDA of €265–305 million and ROCE above 25%.

Financial highlights

• Net sales before PvA declined to €5,100 million from €5,493 million year-over-year.

• H1 EBITDA: €94.1 million (2.2% margin), down 15.6% year-over-year.

• H1 EBIT: €73.0 million, down 18.2% year-over-year.

• H1 net profit: €41.6 million, down 21% year-over-year; EPS €3.40.

• Free cash flow for H1: €173 million, supporting a higher dividend payout.

Outlook and guidance

• Short- and mid-term targets confirmed, with 2024 EBITDA guidance of €350–450 million and ROCE above 25%.

• Mid-term (2026–2028) ROCE target set above 30%.

• H2 2024 expected to outperform H1, driven by commercial recovery, consumer opportunities, and cloud growth.

• Acquisitions in Italy, Austria, Scandinavia, and Czech Republic expected to be accretive.