Antares Vision (AV) Q2 2024 earnings summary

Executive summary

• Orders grew 7% year-over-year, driven by strong performance in Italy (+37%) and Europe (+12%), while Americas declined, especially in FMCG.

• Revenues reached €87.6M, down 5.7% year-over-year, mainly due to deconsolidation of AV Russia, T2 Software, and weak FMCG performance.

• Adjusted EBITDA improved to €3.4M (3.9% margin), up €8.7M year-over-year, driven by cost reductions and improved efficiency.

• Life Science & Cosmetics became the largest segment, representing 42% of sales and growing 3% year-over-year.

• Recurring business (Services and SCT) grew 5% and now accounts for 44% of total revenues.

Financial highlights

• Adjusted EBITDA: €3.4M (3.9% margin), up €8.7M year-over-year.

• Operating cash flow was €9M, a significant improvement from -€29M in 1H 2023.

• Net financial position improved to €98.2M from €104.3M at YE23.

• First/gross margin increased to 82.2% of sales, reflecting improved production efficiency and revenue mix.

• Adjusted EBIT margin improved to -4.6% from -12.8% in 1H 2023.

Outlook and guidance

• FY 2024 guidance confirmed: revenue growth expected at 4–6%, adjusted EBITDA margin at 11.5–14%, and Net Debt/EBITDA ratio between 4.1x and 3.3x.

• Strategy focuses on cost discipline, cash generation, and selective market expansion.

• Management expects continued order growth despite macroeconomic and geopolitical uncertainties.