Hexaom (ALHEX) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 was €417.0M, down 24.5% year-over-year, with net income at €10.0M, a 32% decrease.

• Operational profitability maintained despite market crisis, aided by cost adaptation measures and full subcontracting.

• All business segments experienced revenue declines, but operational margins were preserved through structural adjustments.

Financial highlights

• Operating income for H1 2024 was €14.2M, down 34.3% year-over-year; operating margin at 3.4% vs. 3.9%.

• Net financial position improved, with net cash of €86.5M at June 2024, up from €71.5M a year earlier.

• Net margin from continuing operations was 2.4%, compared to 2.8% in H1 2023.

• Non-recurring charges of €1M related to cost reduction actions impacted operating income.

Outlook and guidance

• 2024 production expected to decline 25–30% from 2023, but operational margin should remain between 3% and 4%.

• No significant market rebound anticipated short-term, but some improvement in financing conditions noted.

• 2025 expected to see a more moderate revenue decline and stable operational profitability.