Autohellas (OTOEL) Q2 2024 earnings summary

Executive summary

• Revenue for the Group in H1 2024 was €473.2 million, down 0.8% year-over-year, while EBITDA rose 1.0% to €120.8 million and profit after tax increased 18.6% to €37.0 million.

• Short- and long-term car rentals in Greece and abroad showed growth, with increased passenger and corporate fleet activity, despite price pressures in car trading.

• A €200 million bond was issued in January 2024, with proceeds used for debt repayment, fleet renewal, and working capital.

Financial highlights

• Group profit before tax rose 5.4% to €42.3 million; company profit before tax up 27.1% to €30.5 million year-over-year.

• Adjusted EBITDA for the Group was €54.1 million, and free cash flow reached €88.9 million.

• Earnings per share increased to €0.71 from €0.57 year-over-year.

• Net cash from operating activities was €97.5 million for the Group.

Outlook and guidance

• Tourism and rental markets are expected to continue growing in H2 2024, though at a slower pace in summer.

• Corporate fleet registrations and demand for long-term leases are projected to remain strong.

• Car trading faces ongoing price pressures and regulatory cost increases, but market share is expected to be maintained.

• The company hedged interest rate risk and secured favorable financing for fleet purchases.