Guerbet (GBT) H1 2024 earnings summary

Executive summary

• H1 2024 revenue reached €419.2m, up 11.8% at constant exchange rates, with growth across all activities and regions.

• Restated EBITDA margin improved to 15.4% from 12.7% a year earlier; operating income nearly tripled to €30.3m.

• Net income rose to €10.0m from €1.3m in H1 2023, despite higher financial and tax expenses.

Financial highlights

• Revenue increased 10.7% year-over-year to €419.2m; at CER, growth was 11.8%.

• EBITDA rose 32.9% to €61.0m, with a margin of 14.6% of revenue.

• Operating income reached €30.3m (7.2% of revenue), up from €10.3m (2.7%) in H1 2023.

• Net debt was €364.9m, with a net debt/EBITDA ratio of 3.2x, improved from 3.5x a year earlier.

• Free cash flow was negative at -€29.1m, a significant improvement from -€72.0m in H1 2023.

Outlook and guidance

• 2024 revenue growth now expected to exceed 9% like-for-like and at CER, up from >8% previously.

• Adjusted EBITDA margin rate forecast to surpass 2021's 14.4%.

• Free cash flow expected to be positive for the full year.