Duro Felguera (MDF) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached €157.1M, up 11.4% year-over-year, driven by growth in most business lines except services.

• Operating result was -€11.8M, down from €3.8M in H1 2023, reflecting project contingencies and operational improvements.

• EBITDA was -€8.8M versus €6.5M in H1 2023; net result attributable to the parent was -€26.3M.

• Contracting in H1 2024 was €106M, 34% lower than the previous year; backlog at June 2024 stood at €601.4M.

• Capital increase and debt capitalization completed in February 2024, with new reference shareholders joining.

Financial highlights

• Revenue: €157.1M (+11.4% YoY); EBITDA: -€8.8M (vs. €6.5M in H1 2023); Operating result: -€11.8M (vs. €3.8M in H1 2023).

• Net financial debt at June 2024: €101.8M; gross debt: €147.2M; cash: €45.4M.

• Net loss attributable to parent: -€26.3M (vs. €1.6M profit in H1 2023).

• Contracting: €106.2M (down 34% YoY); backlog: €601.4M (up from €564.5M at June 2023).

• Average workforce increased to 1,535 employees (from 1,340 in H1 2023).

Outlook and guidance

• Management maintains a business plan targeting over €1B in sales and orders in four years.

• Short-term outlook supported by new projects (Escolín, Veracruz, Lafarge) and expected extraordinary income of €48–66M between Q4 2024 and Q1 2025.

• Focus remains on cost optimization, project execution, and margin improvement.

• Market conditions remain challenging due to inflation, geopolitical instability, and labor shortages.