Immsi (IMS) H1 2024 earnings summary

Executive summary

• First half 2024 saw strong margins despite a 14.3% decline in consolidated net sales to €1,013.8 million, mainly due to market slowdowns in Asia and America amid geopolitical uncertainty.

• EBITDA reached €166.2 million, down 9.4% year-over-year, with an improved EBITDA margin of 16.4% versus 15.5% last year.

• Net profit including minorities was €32.2 million, a 31.6% decrease from €47.1 million in H1 2023.

• The Group remains focused on efficient management and prudent financial structure for the remainder of the year.

Financial highlights

• Consolidated EBIT was €95.1 million, down 12.4% year-over-year; EBIT margin improved slightly to 9.4%.

• Profit before tax fell 29.3% to €55.2 million; income tax expense was €23 million.

• Net financial debt at 30 June 2024 was €817.8 million, an improvement from €827.4 million at end-2023.

• Capital expenditure increased to €86.9 million from €70.9 million in H1 2023.

• Shareholders' equity rose to €411.1 million from €395.3 million at end-2023.

Outlook and guidance

• Piaggio aims to maintain high margins and continue investments in new products and ESG initiatives, despite ongoing global transport challenges.

• Intermarine will focus on executing new contracts, notably the Italian Navy order, to optimize production capacity.

• Real estate and hospitality will continue marketing and rental activities to boost resort and club clientele.