Consti (CONSTI) Q3 2024 earnings summary

Executive summary

• Q3 2024 net sales declined 4.3% year-over-year to EUR 86.0m; 1-9/2024 sales were EUR 234.4m, nearly flat year-over-year.

• Q3 2024 EBIT was EUR 3.4m (3.9% margin), down from EUR 4.8m (5.3%) last year; 1-9/2024 EBIT was EUR 6.6m (2.8% margin).

• Order backlog at period end was EUR 250.4m, up 1.3% year-over-year; Q3 order intake surged 178.8% to EUR 64.8m.

• Free cash flow for Q3 was EUR 1.7m, down from EUR 7.1m last year; 1-9/2024 free cash flow was EUR 2.4m.

• Financial and liquidity positions are robust, with cash and cash equivalents of EUR 14.5m and net debt of EUR 3.1m.

Financial highlights

• Q3 EBITDA was EUR 4.4m (5.1% margin), down from EUR 5.7m (6.3%) last year.

• Equity ratio at 40.9% and gearing at 7.2% at the end of Q3 2024.

• Return on investment (ROI) for 9M 2024 was 18.4%, down from 23.1% in 2023.

• Rolling 12-month free cash flow EUR 5.2m; cash conversion ratio 36.0%.

• Net interest-bearing debt to adjusted EBITDA ratio was -0.06 at period end.

Outlook and guidance

• Operating result for 2024 is estimated to be in the range of EUR 9–12m.

• Demand for renovation and building technology services is expected to decline in 2024, with intensified competition due to weak new construction demand.

• No significant improvement in market conditions anticipated in Q4 2024.