Ellaktor (ELLAKTOR) Q1 2024 earnings summary

Executive summary

• Q1 2024 revenue remained stable at €90m compared to Q1 2023 continuing operations.

• EBITDA rose 15% to €51.3m, with margin improving to 57% from 49% year-over-year.

• Net profit increased 82% to €24m versus €13.2m in Q1 2023 continuing operations.

• Operating cash flow was positive at €35.6m; net cash position reached €493m as of March 31, 2024.

• Total equity surpassed €1 billion, at €1,004.4m or €2.89 per share.

Financial highlights

• Profit before tax grew 58% to €32.1m compared to Q1 2023 continuing operations.

• Cash and cash equivalents increased to €707m from €521m at year-end 2023.

• Gross profit rose 11% to €56.1m; EBIT up 30% to €34.3m year-over-year.

• Financial income and expenses improved by 77% year-over-year.

• Receivables decreased by 11.6% to €358m as of March 31, 2024.

Segment performance

• Concessions revenue grew 3% to €66.4m; EBITDA up 17% to €47.8m year-over-year.

• Environment segment revenue declined 3% to €23.5m, but EBITDA rose 58% to €5.8m.

• Real Estate revenue dropped to zero from €2.5m; EBITDA turned negative at €-0.5m.