GL Events (GLO) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 rose 19% to €821m, with strong growth in Live and Venues divisions and €158m from Paris 2024 Olympic projects.

• Net profit attributable to shareholders increased 24% to €39m, with a net margin of 4.6%.

• EBITDA grew 14% to €146.9m, margin at 17.9%.

• Major sustainability initiatives for the Olympics included 100% reuse or recycling of temporary structures.

• Governance changes included a new Vice-Chairman and creation of a Strategy Committee.

Financial highlights

• Revenue: €821m (up 19% year-over-year); organic growth 20.3%.

• EBITDA: €146.9m (up 14%); margin 17.9%.

• Current operating income: €87.7m (up 20%); margin 10.7%.

• Net income attributable to shareholders: €39m (up 24%); EPS increased from €1.05 to €1.31.

• Net debt increased to €560m, mainly due to capex and working capital needs.

Outlook and guidance

• 2024 revenue growth now expected to exceed 9%, with stable net debt and capex of €115m.

• Minimum full-year growth in EBITDA and net profit of at least 13% over 2023.

• 2025 expected to benefit from major events and a favorable biennial effect in Exhibitions.

• Continued ESG policy rollout and focus on strategic growth areas.