Assystem (ASY) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached €301.3m, up 6.7% year-over-year, with 5.8% organic growth, driven by strong nuclear activity in France and internationally, and positive scope and currency effects.

• EBITA (or ROPA) rose 17.8% to €18.5m, with margin improving to 6.1% from 5.6% in H1 2023.

• Net profit for H1 2024 was €5.0m, down from €21.0m in H1 2023, impacted by non-recurring items, higher tax charges, and Expleo Group's negative contribution.

• Net cash position reached €14.7m at June 30, 2024, a €66.9m swing from year-end, mainly due to the Framatome stake sale.

• Two acquisitions (L&T Infra and KEOPS Automation) were completed, and activities in the Pacific region were sold.

Financial highlights

• France accounted for 63% of H1 2024 revenue (€189.6m), with 3.7% organic growth; international revenue grew 16.4% to €111.7m, with 9.9% organic growth.

• Nuclear activities represented 73% of total sales, growing 10% organically.

• EBITDA (excluding IFRS 16) was €21.0m (7.0% margin), up from €18.5m (6.5%) in H1 2023.

• Free cash flow (excluding IFRS 16) was negative €15.9m, improved from negative €27.5m in H1 2023.

• Dividend payout for 2023 was €12.50 per share, totaling €185.6m, paid in two installments.

Outlook and guidance

• Full-year 2024 revenue is targeted at around €620m, with an EBITA margin of approximately 7%, assuming stable economic and FX conditions.

• Guidance incorporates the impact of recent acquisitions and the sale of Pacific region activities.