Autohellas (OTOEL) Q3 2024 earnings summary

Executive summary

• Nine-month revenue reached €749.1 mn, with after-tax profit of €76 mn, reflecting stable profitability despite a slight revenue decline year-over-year.

• Positive momentum in both short-term and long-term rentals, especially in Greece, supported results.

• Car trade activity declined compared to 2023 but remained profitable.

Financial highlights

• Q3 2024 revenue was €275.9 mn, down 3.4% year-over-year; nine-month revenue fell 1.8% to €749.1 mn.

• Q3 EBITDA rose 4.7% to €98.9 mn; nine-month EBITDA increased 2.6% to €219.7 mn.

• Q3 earnings after tax (EAT) dropped 10.4% to €39 mn; nine-month EAT rose 1.8% to €76 mn.

• Profitability was boosted by €9 mn in dividends from Aegean Airlines and Trade Estates.

Outlook and guidance

• Continued strong demand for short-term rentals, especially tourism-related, and growth in long-term rentals in Greece.

• International rental operations remain profitable, except for Portugal.