Duro Felguera (MDF) H2 2024 earnings summary

Executive summary

• Revenue increased 2% to €286 million in 2024, but EBITDA was negative €88.1 million, deepening losses from the prior year due to project setbacks and operational losses.

• The company entered pre-insolvency negotiations in December 2024, seeking creditor agreement for a restructuring plan to ensure future viability.

• A major capital increase in February 2024 brought in new industrial partners, with Grupo Prodi and Mota-Engil México now holding a combined 54.66% stake.

• The workforce grew to 1,565 employees, with a focus on gender diversity and training, and a 44% female representation on the board.

Financial highlights

• Revenue: €286 million in 2024, up from €279.9 million in 2023.

• EBITDA: -€88.1 million in 2024, compared to -€64.1 million in 2023.

• Net loss: -€98.3 million in 2024, versus -€72.2 million in 2023.

• Contracting: €161.2 million in 2024, down 61% from €416.5 million in 2023.

• Order backlog: €304.8 million at year-end, 67% international.

• Net financial debt: €126.4 million at 2024 close.

Outlook and guidance

• The company is negotiating a restructuring plan with creditors, aiming to secure new contracts and implement cost controls.

• Management expects the restructuring and new business lines in renewables and smart systems to support future viability.