Antares Vision (AV) Q2 2024 earnings summary

Executive summary

• Orders intake rose 7% year-over-year, with strong growth in Italy (+37%) and Europe (+12%), but declines in the Americas, especially in FMCG.

• Revenues reached €87.6M, down 5.7% year-over-year (4.1% like-for-like), mainly due to deconsolidation of AV Russia and T2 Software, scope changes, and weak FMCG performance; no FX impact.

• Adjusted EBITDA improved to €3.4M (3.9% margin), up from a loss of €5.3M in 1H 2023, driven by cost reductions, restructuring, and improved efficiency.

• Net loss was €22M, impacted by €9.5M in non-recurring costs and restructuring; adjusted net loss narrowed to €6.7M from €13.9M in 1H 2023.

• Workforce reduced by 14% to 1,226 employees, following a social plan and reorganisation.

Financial highlights

• Revenue: €87.6M (-5.7% year-over-year; -4.1% like-for-like); Adjusted EBITDA: €3.4M (3.9% margin); Adjusted EBIT: -€4.0M.

• Net loss: -€22.0M (vs. -€19.2M in 1H 2023); adjusted net loss: -€6.7M (vs. -€13.9M); net financial position: -€98.2M (improved from -€104.3M at YE23).

• Gross margin improved to 82.2% (from 78.7% in 1H 2023); value added margin rose to 59.1%.

• Cost of goods sold fell 18.3% YoY; personnel and service costs down over 12%.

• Operating cash flow was €9M, a significant improvement from -€29M in 1H 2023, driven by better working capital management.

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.

• 2024–2026 business plan targets revenue and adjusted EBITDA CAGR of 4–6% and 47–55%, respectively, with EBITDA margin reaching 17.5–19.5% by 2026.

• Management expects improved margins and cash generation through cost discipline and working capital optimisation.

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

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