Immsi (IMS) H1 2024 earnings summary

Executive summary

• Net revenues for H1 2024 were €1,013.8 million, down 14.3% year-over-year, mainly due to declines in the industrial sector, particularly in Asia and America, despite stable margins.

• EBIT decreased 12.4% to €95.1 million, but EBIT margin improved to 9.4% from 9.2% in H1 2023.

• Net profit including minority interests was €32.2 million, down from €47.1 million in H1 2023; group net profit was €11.5 million, down from €19.6 million.

• The Group remains focused on efficient management, prudent financial structure, and maintaining margin and productivity targets.

Financial highlights

• EBITDA was €166.2 million (16.4% margin), down from €183.4 million (15.5%) in H1 2023.

• Operating costs totaled €847.6 million (83.6% of revenues), with materials at €622.1 million and employee costs at €149.9 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

• The group aims to maintain margin and productivity targets, with continued investment in new products and ESG initiatives.

• Piaggio expects to sustain margins despite market slowdowns, focusing on efficiency and strategic investments for energy transition.

• 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.