Antares Vision (AV) Q3 2024 earnings summary

Executive summary

• 9M 2024 results show improved margins and profitability despite a 10.9% year-over-year revenue decline, mainly due to weak U.S. market performance.

• Strong growth in Italy (+27%) and Europe (+32%), and Services BU (+11%) partially offset revenue declines in the Americas (-22%).

• New orders increased 6% year-over-year, driven by Italy, Europe, FMCG (+8%), and Life Science & Cosmetics (+7%).

• Recurring revenues (Services and SCT) grew 5% and now represent 46% of total revenues, up from 39% in 9M 2023.

• Operating cash flow exceeded €40M in 9M 2024, maintaining robust cash generation.

Financial highlights

• 9M 2024 consolidated revenues were €127.9M, down 10.9% year-over-year; on a like-for-like basis, revenues fell 5.6%.

• Recurring revenues (Services + SCT) now represent 46% of total revenues, up from 39% in 9M 2023.

• Europe, including Italy, accounted for 52% of sales, up from 45% in 9M 2023.

• Americas' share of sales dropped to 37% from 43% in 9M 2023, reflecting a 22% revenue decline.

• Italian revenues rose 27% year-over-year.

Outlook and guidance

• FY 2024 guidance confirmed: revenue growth of 4–6% on a like-for-like basis, starting from a €204M FY 2023 base.

• Adjusted EBITDA margin expected at the higher end of the 11.5–14% range.

• Net Debt/EBITDA targeted at the lower end of the 4.1–3.3x range, supported by strong operating cash flow.

• Revenues expected to rebound sharply in 4Q 2024.