Brembo (BRE) Q4 2024 earnings summary

Executive summary

• Revenues in 2024 were stable at €3,840.6 million, with resilience amid global geopolitical tensions and automotive industry challenges, especially in Europe.

• Ongoing strategic initiatives in Poland, Mexico, China, and Thailand are on track for completion by end of 2025, with the new Thailand plant operational.

• Successfully closed the Öhlins acquisition in January, focusing on integration and leveraging synergies.

• Major technological partnership with Michelin to enhance market position and vehicle safety.

• Dividend proposal of €0.30 per share, unchanged from 2023.

Financial highlights

• FY 2024 revenues reached €3,840.6 million, a 0.2% decrease year-over-year; EBITDA margin was 17.2%, EBIT margin 10.2%.

• Net result for FY 2024 was €262.6 million, a 13.9% decrease year-over-year.

• Q4 2024 revenues were €912.8 million, down 1.9% year-over-year; Q4 net result fell 11.5% to €65.4 million.

• Total FY 2024 Capex/net investments amounted to €497.5 million, reflecting increased production capacity and property acquisitions.

• Net financial debt at year-end 2024 was €360.4 million, down €94.4 million from prior year.

Outlook and guidance

• Expects a like-for-like revenue decline of 5% for FY 2025, with potential for flat revenue if geopolitical and trade conditions stabilize and including Öhlins.