Immsi (IMS) H2 2024 earnings summary

Executive summary

• 2024 saw increased investments across all operations, focusing on innovation and resilience amid economic headwinds and declining revenues, especially in Asia.

• Piaggio maintained strong margins, while Intermarine secured a €1.2 billion order book, reinforcing its global leadership in Mine Countermeasure Vessels.

• The Is Molas hospitality business continued facility upgrades and development in Sardinia.

Financial highlights

• Consolidated net sales were €1,748.4 million, down 13.1% year-over-year from €2,011.6 million.

• EBITDA was €271.1 million (-11.9% YoY), with a record EBITDA margin of 15.5%.

• EBIT reached €129.3 million (-19.6% YoY), with an EBIT margin of 7.4%.

• Net profit including minorities was €29.6 million, down from €54.9 million in 2023.

• Net financial debt increased to €947.3 million from €827.4 million at year-end 2023.

• Capital expenditure rose 16% to €204.8 million.

• Proposed total dividend for 2024 is 2.2 eurocents per share.

Outlook and guidance

• Guidance for the industrial sector depends on improved geopolitical and economic stability to boost consumer spending.

• Piaggio will focus on safety, sustainability, connectivity, and cost management to maintain margins.

• Intermarine aims to optimize production capacity with new contracts, including the Italian Navy NGM program.

• Is Molas will continue marketing and rental activities for its upgraded hospitality and golf facilities.