Ideal Holdings (INTEK) H1 2024 earnings summary

Executive summary

• Revenue surged 269% year-over-year to €184.9 million, driven by IT segment growth and the Attica Department Stores acquisition.

• EBITDA rose 433% to €26.1 million, with comparable EBITDA up 293% to €17.7 million.

• Earnings after tax increased 43% to €13.0 million, reflecting both organic and acquisition-led expansion.

• Sale of the industrial segment (Astir, Coleus) for €115.5 million, generating an estimated profit of €74 million.

Financial highlights

• Net debt stood at €80.7 million as of June 30, 2024, up from €73.3 million at year-end 2023; net borrowings (adjusted) at €68.8 million.

• Discontinued operations (industrial sector) contributed €8.2 million EAT in H1 2024.

• IT segment revenue grew 65% to €82.7 million; EBITDA up 51% to €8.9 million.

• Specialized retail (Attica) revenue increased 11% to €102.2 million; EBITDA up 16% to €19.3 million.

Outlook and guidance

• Management expects continued portfolio growth in 2024, focusing on organic expansion and new acquisitions.

• Plans to expand in current sectors and explore investments in leading Greek companies.