Antares Vision (AV) H2 2024 earnings summary

Executive summary

• Orders grew 7.2% year-over-year, with strong Q4 acceleration (+11.1% to +20%) and robust performance in Europe and Italy.

• Revenues reached €207.5M, down 3% year-over-year but up 2% like-for-like, reflecting the deconsolidation of AV Russia and T2 Software.

• Adjusted EBITDA more than doubled to €31.7M (+121.1% year-over-year), with margin rising to 15.3% from 6.7%.

• Net Financial Position improved to €83.7M from €104.3M, driven by higher profitability and better working capital management.

• Operating cash flow turned positive at €38.5M versus -€15.8M in FY 2023.

Financial highlights

• First Margin improved by 170 bps to 79.8% due to production and purchasing efficiencies.

• Adjusted EBIT turned positive at €10.6M from -€2.8M in FY 2023.

• Adjusted net profit reached €3.1M, reversing a loss of €9.5M in FY 2023.

• Net loss narrowed to €18.8M from €99.6M in 2023, mainly due to normalization for PPAs, goodwill write-downs, and extraordinary items.

• Net invested capital decreased to €243.7M, and shareholders' equity stood at €160.0M.

Outlook and guidance

• FY 2024 Adjusted EBITDA margin exceeded guidance (15.3% vs. 11.5%-14%).

• PFN/EBITDA ratio improved to 2.6x, better than the guidance range of 4.1-3.3x.

• 2025-2027 strategic plan to be presented in April 2025, focusing on growth, cost discipline, and liquidity.

• Emphasis on commercial excellence, operational efficiency, and recurring revenue growth, with continued investment in R&D and digital transformation.

• Introduction of a Chief Revenue Officer to drive revenue alignment and international expansion.