Brembo (BRE) Q2 2024 earnings summary

Executive summary

• H1 2024 sales/revenues reached €2,004.8 million, up 2.8% year-over-year, surpassing €2 billion for the first time.

• EBITDA was €351.4 million (17.5% margin), up 2.1% from H1 2023; EBIT was €218.8 million (10.9% margin), up 0.4%.

• Net result/profit for H1 2024 was €156.3 million, down 6.8% year-over-year.

• Net financial debt increased to €613.6 million at 30 June 2024.

• Investment in digital innovation included acquiring a stake in Spoke Safety, a U.S. connected mobility startup.

Financial highlights

• Revenue: €2,004.8 million (+2.8% YoY); EBITDA: €351.4 million (+2.1%); EBIT: €218.8 million (+0.4%).

• Net profit: €156.3 million (-6.8%); EPS: €0.49 (vs. €0.52 in H1 2023).

• Net investments and increases in leased assets: €186.5 million.

• Net financial debt: €613.6 million (+€51.3 million YoY); excluding IFRS 16: €435.0 million.

• Operating cash flow: €139.6 million; cash and cash equivalents at period end: €374.8 million.

Outlook and guidance

• Moderate revenue growth expected for full year 2024, with percentage margins in line with 2023.

• Market outlook has worsened due to geopolitical tensions, but investment and expansion plans continue.