Icape (ALICA) H1 2024 earnings summary

Executive summary

• Revenue declined 8.4% year-over-year to €86.6 million in H1 2024, reflecting a weak market in Q1 but sequential improvement in Q2.

• Profitability was impacted by market conditions, with net income down 46% to €1.0 million.

• Operational efficiency measures and M&A synergies are being deployed to restore profitability.

• Major acquisitions of NTW (Japan/SE Asia) and François Frères expand the strategic network and internalize key partners.

• All growth and profitability targets are confirmed despite the challenging environment.

Financial highlights

• EBITDA fell 22% year-over-year to €5.5 million; EBITDA margin dropped 110 bps to 6.4%.

• EBITA decreased 29% to €3.7 million; EBIT down 38% to €2.9 million.

• Net income declined 46% to €1.0 million, representing 1.2% of revenue.

• Cash position at €28.2 million; net debt increased to €28.1 million as of June 30, 2024.

• Backlog remained high at €47.2 million, down from €50.9 million at year-end 2023.

Outlook and guidance

• Targets confirmed: 10% average annual organic growth (2023–2026), €120 million additional revenue from M&A, EBIT margin ~9.5% by 2026, and medium-term sales of ~€500 million.

• Management expects to benefit from market recovery and recent acquisitions.