IBU-tec advanced materials (IBU) H2 2024 earnings summary

Executive summary

• Revenue increased by 5% year-over-year to €50.6 million, driven by growth in specialty chemicals and engineering, despite challenging macroeconomic conditions and sector headwinds in chemicals and glass coating.

• EBITDA declined 66% year-over-year to €1.0 million, with an EBITDA margin of 2.0% (prior year: 6.1%), mainly due to higher costs and weak performance at BNT Chemicals.

• Net loss widened to €5.3 million from €2.5 million in the previous year, reflecting restructuring costs and margin pressure.

• The battery materials segment saw strong momentum, with the largest order in company history from a global automotive group and incoming orders exceeding €13 million, up 28% year-over-year.

• Strategic focus remains on battery materials, recycling, and greentech, with significant R&D in sodium-ion and LFP technologies and expansion of European value chains.

Financial highlights

• Revenue: €50.6 million (+5% year-over-year); specialty chemicals up 17%, engineering up 34%, service & recycling down 5%.

• EBITDA: €1.0 million (-66% year-over-year); EBIT: -€3.7 million (prior year: -€1.8 million); Net result: -€5.3 million.

• Earnings per share: -€1.12 (prior year: -€0.52).

• Cash flow from operating activities: €9.3 million (prior year: €2.4 million); free cash flow: €2.3 million (prior year: -€3.9 million).

• Equity ratio: 74.5% (prior year: 74.8%); cash and cash equivalents: €0.9 million.

Outlook and guidance

• 2025 revenue expected at €43–45 million, with EBITDA margin targeted at 7–9% (2024: 2.0%).

• Battery materials remain the key growth driver, with medium-term annual revenue targets of €30–60 million, though timeline delayed by 2–3 years due to macroeconomic headwinds.

• BNT Chemicals expected to return to profitability in 2025 after restructuring and cost reductions.