GVS (GVS) H1 2024 earnings summary

Executive summary

• H1 2024 revenue reached €214.8 million, up 1.6% year-over-year at constant exchange rates, with continued momentum and resilience despite prior-year destocking.

• Adjusted EBITDA rose 10.6% to €52 million, with margin improving to 24.2% in H1 and 25% in Q2 2024.

• Adjusted net income increased 12.3% to €22.5 million, with a 10.5% margin, reflecting improved profitability and operational efficiency.

• Deleveraging on track, with adjusted net financial position at €241.6 million and leverage ratio at 2.42x.

Financial highlights

• Organic sales growth of 1.6% year-over-year, led by Health & Safety and Healthcare divisions.

• Adjusted EBITDA margin increased to 24.2% in H1 2024 from 22.1% in H1 2023; Q2 margin at 25%.

• Adjusted net income margin improved to 10.5% from 9.4% year-over-year.

• Adjusted EBIT was €37.7 million, up 11.6% year-over-year, with a 17.5% margin.

• Adjusted net financial debt at 30 June 2024 was €241.6 million, down €10.6 million from December 2023.

Outlook and guidance

• High single-digit sales growth expected in Q3 2024 versus Q3 2023, driven by volume acceleration and easier comps.

• Full-year 2024 sales guidance confirmed at low- to mid-single-digit growth; adjusted EBITDA margin guidance revised upward to 150–250 basis points improvement.

• Leverage ratio expected to be around 2x by year-end 2024, in line with strategic targets.