IBU-tec advanced materials (IBU) H1 2024 earnings summary

Executive summary

• Sales revenue for H1 2024 was €24.8 million, down 2% year-over-year, with EBITDA dropping 95% to €0.15 million and a net loss of €3.15 million compared to a €0.37 million profit in H1 2023.

• Specialty chemicals saw a 9% sales increase, while battery materials revenue declined 25% and engineering fell 41%.

• Significant upfront costs (~€1 million) were recognized for battery business ramp-up, with expectations of higher EBITDA in H2 2024.

• IBU-tec remains the only European LFP battery material manufacturer, launching IBUvolt® LFP402 with a CO₂ footprint 40% below market average.

• Strategic partnerships and R&D projects in battery materials and recycling were expanded, including collaborations with LANXESS and Jungheinrich.

Financial highlights

• EBITDA margin fell to 0.6% from 11.3% year-over-year; EBIT margin dropped to -9.4% from 2.0%.

• Earnings per share was -€0.66, down from €0.08 in H1 2023.

• Free cash flow turned positive at €0.43 million versus -€1.26 million last year; operating cash flow improved to €1.62 million from -€1.85 million.

• Total assets decreased 5% to €77.2 million; equity ratio declined to 69.4% from 73%.

• Liquid assets fell to €0.81 million from €1.86 million year-over-year.

Outlook and guidance

• Management expects significant revenue and EBITDA growth for full-year 2024, with improved EBITDA margin over 2023.

• Battery materials sales are projected to increase in coming quarters, supported by new product launches and partnerships.

• Positive earnings development anticipated at BNT GmbH, with expansion in service and catalyst businesses.