FamiCord (V3V) Q2 2024 earnings summary

Executive summary

• Revenue grew 4.9% year-over-year to €38.0 million in H1 2024, with strong contract renewals and price adjustments offsetting weaker new business.

• EBITDA rose 76.4% to €2.7 million, with margin improving to 7.2% from 4.3% year-over-year.

• Operating cash flow increased by €1.4 million to €4.3 million, aided by high contract renewal demand and a one-off tax refund.

• The company completed further post-merger integration steps, consolidated subsidiaries, and announced a rebranding to FamiCord AG.

• A new CFO, Thomas Pfaadt, was appointed effective August 1, 2024, completing the Management Board.

Financial highlights

• H1 2024 sales revenue: €38.0 million (H1 2023: €36.3 million); Q2 2024: €19.5 million (Q2 2023: €18.4 million).

• Gross profit: €14.1 million (H1 2023: €12.4 million); EBITDA: €2.7 million (H1 2023: €1.6 million); EBIT: €-1.7 million (H1 2023: €-2.7 million).

• Result for the period: €-2.4 million (H1 2023: €-4.2 million); EPS: €-0.13 (H1 2023: €-0.25).

• Operating cash flow: €4.3 million (H1 2023: €2.9 million); cash and cash equivalents: €14.4 million (Dec 31, 2023: €17.4 million).

• Equity: €22.1 million (Dec 31, 2023: €22.8 million); equity ratio: 14.0%.

Outlook and guidance

• 2024 revenue guidance confirmed at €81–88 million; EBITDA expected between €6.5–8.0 million.

• Further growth in new customer contracts and storages planned for 2024, with marketing and sales activities to drive market acceptance.

• Investment activity to be gradually increased over 2024; forecast assumes stable exchange rates and excludes potential acquisitions.