Danieli & C Officine Meccaniche (DAN) H2 2024 earnings summary

Executive summary

• Consolidated revenues rose 6% year-over-year to €4,349.8 million, driven by strong Plant Making performance.

• Net profit attributable to the Group was €240.8 million, down 1% from the prior year.

• EBITDA decreased 8% to €391.2 million, reflecting margin pressure, especially in Steel Making.

• The order book remains robust at €5,751 million, though slightly lower than last year.

• The Board proposes a dividend of €0.3100 per ordinary share and €0.3307 per savings share, in line with the previous year.

Financial highlights

• Revenues: €4,349.8M (+6% YoY); EBITDA: €391.2M (-8% YoY); Operating income: €220.8M (-17% YoY).

• Net profit: €240.8M (-1% YoY); Positive net financial position: €1,707.7M (+7% YoY).

• Total shareholders' equity: €2,628.8M (+9% YoY); Employees: 10,365 (+7% YoY).

• Financial management delivered €73M in positive results; exchange rate management added €13.2M.

• Value added distributed: 62.1% to personnel, 8.6% to public administration, 23.7% reinvested.

Outlook and guidance

• 2024/2025 guidance: sales €4,000–4,200M, EBITDA €380–420M, net cash €1,500–1,600M, order book €6,000–6,200M.

• Plant Making expected to maintain or improve operating results; Steel Making to see better margins if energy costs normalize.

• Market outlook positive with stable global steel production and rising prices in H2 2024.